User:Daryl at McGriffin Media/John Antioco Career Draft

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Career[edit]

7-Eleven[edit]

Antioco began his professional career at 7-Eleven, which he joined as a management trainee in 1970.[1] He was at the company for 20 years, in various roles.[2][3] As Senior Vice President of Marketing in April 1989, he was responsible for bringing on advertising firm J. Walter Thompson to create a slate of television commercials that marketed 7-Eleven to new-collar workers.[2] Antioco was also Senior Vice President of Operations, which meant he was in charge of operations for every 7-Eleven store worldwide.[3][1]

Pearle Vision, Circle-K, and Taco Bell[edit]

Antioco left 7-Eleven in 1990 to become COO at Pearle Vision.[1][4]

In 1991, he joined the convenience store chain Circle K, where he assumed the role of president and COO.[5] Circle K had filed for bankruptcy in May of 1990 and Antioco was brought in to streamline the company's operations.[6][7] Under Antioco's leadership, the chain announced plans to close or sell about 1,550 of its least profitable locations and invest in improving the rest of its stores.[6] In March 1992, at which point Antioco had become the company's CEO, Circle K was sold for approximately $425 million to a private investor group led by management in conjunction with Investcorp.[8][9] In 1994, as CEO Antioco took Circle K public, selling 6.5 million shares of stock on the New York Stock Exchange.[7][10] Antioco left Circle K in 1996, shortly after overseeing a $710 million sale of the company to Tosco Corp.[11][10]

Antioco joined Taco Bell as its new CEO in 1996.[4] During his time at Taco Bell, he oversaw changes to the company's menu, advertising, and its franchising model.[5][12]

Blockbuster[edit]

Antioco took over as Blockbuster CEO in July 1997.[4] When he joined the company, it was struggling financially, with cash flow down 70 percent during the second quarter of the 1997 financial year.[13][4] This was in part due to Blockbuster's expansions into areas outside the video retail market, such apparel sales and a chain of music stores called Blockbuster Music.[4][14][15] Antioco decoupled Blockbuster Music from its video division, putting it under separate management.[16] The music store division was sold in August 1998 by Blockbuster's parent company Viacom to Wherehouse Entertainment for $115 million.[13][16] Early in Antioco's CEO tenure, Blockbuster also ended its relationships with Virgin Interactive, Discovery Zone, and Spelling Entertainment.[17]

In 1998, Antioco entered Blockbuster into revenue-sharing agreements with Hollywood studios, which allowed its stores to obtain many copies of new releases at a lower price than their competitors.[5] In August 1999, Antioco took Blockbuster public, selling 18 percent of its stock on the New York Stock Exchange and raising $465 million.[13][15] On the day of the initial public offering, he rang the opening bell of the NYSE alongside actress Rene Russo.[18] At the time, Blockbuster's market share in the video rental space had recently grown to 31 percent.[17]

In 2004, Antioco oversaw the launch of a new DVD subscription service called Blockbuster Online.[19][20] The service allowed customers to rent Blockbuster DVDs online and have them delivered by mail.​​[19][21] By the end of 2006, Blockbuster Online had approximately two million subscribers.[19] In 2007, Antioco pushed to expand the service and rebranded it as Blockbuster Total Access, which in addition to offering online DVD rentals, also allowed customers to return a Blockbuster Online DVD to a brick and mortar Blockbuster store to receive one additional free rental.[21][22]

Under Antioco, Blockbuster launched these services in part to compete with Netflix, which at the time was a growing competitor in the video retail space.[19][20][22] Netflix co-founders Reed Hastings and Marc Randolph have both claimed in books they wrote that in 2000, they offered to sell their company to Blockbuster for $50 million, but Antioco declined.[23][15] Antioco has disputed this version of events, stating that he never had serious discussions with Hastings or Randolph about acquiring Netflix.[23] In 2007, at the Sundance Film Festival, Antioco and Hastings met to discuss the possibility of Netflix purchasing Blockbuster Online.[24][25] Antioco preferred a full merger, and a deal between the two companies was never struck.[24][25]

Antioco left Blockbuster in 2007 due to disagreements with Blockbuster board members, most notably billionaire investor Carl Icahn, over disagreements about company strategy.[26][27]

JAMCO and other roles[edit]

In February 2010, Antioco founded JAMCO Interests, a private equity firm that invests in retail and hospitality ventures.[28][29] JAMCO, through its subsidiary Brix Holdings, holds an interest in chain restaurants such as Red Mango, Souper Salad, and Friendly's, which it purchased in 2020 for $2 million following the chain's bankruptcy.[30][31][32][33] JAMCO is also a member of TriArtisan Partners, an investment group that owns TGI Fridays, where Antioco served as interim CEO in 2015.[34][35] He was also CEO of P.F. Chang's for approximately one year, following the company's acquisition by TriArtisan Partners.[36] Antioco is currently chairman of Red Mango, a position he has held since 2008.[30][37]

In August 2011, Antioco was appointed chairman of the board at Rave Cinemas.[3][38] He was chairman when Rave sold 32 of its theaters to Cinemark in November 2012 for approximately $240 million.[39][40]

References[edit]

  1. ^ a b c Szalai, George (March 21, 2007). "Antioco checks out at B'buster". The Hollywood Reporter. Retrieved January 4, 2022.
  2. ^ a b Rothenburg, Randall (April 28, 1989). "7-Eleven Reaches Out With Realism". New York Times. Retrieved January 4, 2022.
  3. ^ a b c Lang, Brent (August 18, 2011). "Former Blockbuster Chief John Antioco Named Head of Rave Cinemas". Reuters. Retrieved January 4, 2022.
  4. ^ a b c d e Johnson, Greg (June 4, 1997). "Taco Bell Chief Antioco Moving To Blockbuster". Los Angeles Times. Retrieved January 4, 2022.
  5. ^ a b c Sweeting, Paul (November 25, 2002). "John Antioco, Innovator in video retailing, Chairman & CEO, Blockbuster Inc". Video Business. p. V5.
  6. ^ a b Carlson, Gus (December 19, 1991). "A Victim of Too Much Convenience". Miami Herald. p. 6.
  7. ^ a b Meyer, Tara (June 23, 1995). "Circle K Updating Image Chain Adding Food Service, Polishing Store Look". The Oklahoman. Retrieved January 4, 2022.
  8. ^ "Circle K to be acquired for $425 million". UPI. March 16, 1992. Retrieved January 4, 2022.
  9. ^ Faison Jr., Seth (March 17, 1992). "Investcorp Heads Group Seeking to Buy Circle K". New York Times. Retrieved January 4, 2022.
  10. ^ a b Johnson, Greg (October 11, 1996). "PepsiCo Ousts Longtime President of Taco Bell". Los Angeles Times. Retrieved January 4, 2022.
  11. ^ "Circle K Chief Plans to Leave Following Purchase by Tosco". Wall Street Journal. May 30, 1996. Retrieved January 4, 2022.
  12. ^ McDowell, Bill (February 10, 1997). "Taco Bell Plans Overhaul To Get Beyond Low Prices". Ad Age. Retrieved January 4, 2022.
  13. ^ a b c Poggi, Jeanine (September 23, 2010). "Blockbuster's Rise and Fall: The Long, Rewinding Road". The Street. Retrieved January 4, 2022.
  14. ^ Shapiro, Eben; Deogun, Nikhil (June 4, 1997). "Antioco to Take Top Job At Troubled Blockbuster". Wall Street Journal. Retrieved January 4, 2022.
  15. ^ a b c Zetlin, Minda (September 20, 2019). "Blockbuster Could Have Bought Netflix for $50 Million, but the CEO Thought It Was a Joke". Inc Magazine. Retrieved January 4, 2022.
  16. ^ a b White, George (August 12, 1998). "Wherehouse to Buy Blockbuster Music". Los Angeles Times. Retrieved January 4, 2022.
  17. ^ a b Goodman, Cindy Krischer (August 12, 1999). "Blockbuster's Sequel Different From the Original". Miami Herald. p. 1C.
  18. ^ Pappademas, Alex (November 7, 2013). "Blockbuster Video: 1985-2013". Grantland. Retrieved January 4, 2022.
  19. ^ a b c d Huddlestone Jr., Tom (September 22, 2020). "Netflix didn't kill Blockbuster — how Netflix almost lost the movie rental wars". CNBC. Retrieved January 4, 2022.
  20. ^ a b Olito, Frank (August 20, 2020). "The Rise and Fall of Blockbuster". Business Insider. Retrieved January 4, 2022.
  21. ^ a b Haque, Nafiul (October 23, 2021). "The Rise and Fall of Blockbuster: Why Blockbuster Really Failed?". Tech Inspection. Retrieved January 4, 2022.
  22. ^ a b Keating, Gina (June 13, 2007). "Blockbuster CEO promises "pedal to metal" online". Reuters. Retrieved January 4, 2022.
  23. ^ a b Cagnassola, Mary Ellen; Giella, Lauren (March 11, 2021). "Fact Check: Did Blockbuster Turn Down Chance to Buy Netflix for $50 Million". Newsweek. Retrieved February 4, 2022.
  24. ^ a b Sandoval, Greg (May 25, 2011). "Former Blockbuster CEO tells his side of Netflix story". Reuters. Retrieved January 4, 2022.
  25. ^ a b Wilonsky, Robert (May 25, 2011). "Bloomberg Series Reveals How Netflix Needed Blockbuster". Retrieved January 4, 2022.
  26. ^ Peers, Martin; Zimmerman, Ann (May 12, 2005). "Dissident Investor Icahn Wins Board Seats at Blockbuster". Wall Street Journal. Retrieved January 4, 2022.
  27. ^ Wilkerson, David (April 28, 2005). "Icahn keeps firing at Blockbuster". Retrieved January 4, 2022.
  28. ^ "Jamco Interests LLC". JAMCO Interests. January 4, 2022. Retrieved January 4, 2022.
  29. ^ "Sherif Mityas takes on additional role as president of BRIX Holdings". NBC News. January 12, 2022. Retrieved January 4, 2022.
  30. ^ a b Jennings, Lisa (May 15, 2014). "Red Mango parent reveals plans for two newest brands". Retrieved January 4, 2022.
  31. ^ Jennings, Lisa (July 28, 2021). "Friendly's/Brix Holdings names former P.F. Chang's exec to role of chief experience officer". Retrieved January 4, 2022.
  32. ^ Jennings, Lisa (December 15, 2021). "Friendly's/Brix Holdings names Carissa DeSantis chief technology officer". Retrieved January 4, 2022.
  33. ^ Maze, Jonathan (November 2, 2020). "Friendly's Declares Bankruptcy and Will Be Sold to the Owner of Red Mango". Retrieved January 4, 2022.
  34. ^ Ruggless, Ron (July 13, 2015). "Nick Shepherd resigning as TGI Fridays' CEO". Retrieved January 4, 2022.
  35. ^ Lalley, Heather (January 13, 2022). "Red Mango Parent Names Sherif Mityas President". Retrieved January 13, 2022.
  36. ^ Nanda, Ashish; Nohria, Nitin; Cross, Margaret (March 30, 2021). "P.F. Chang's". Harvard Business School Case 721-380.
  37. ^ Brown, Steven E.F. (August 12, 2008). "Red Mango raises $12 million". San Francisco Business Times. Retrieved January 4, 2022.
  38. ^ "Ex-Blockbuster Boss John Antioco Tapped As Chairman Of Board At Rave Cinemas". Deadline. August 8, 2011. Retrieved January 4, 2022.
  39. ^ Verrier, Richard (November 17, 2012). "Cinemark signs deal to buy Rave Cinemas". Los Angeles Times. Retrieved January 4, 2022.
  40. ^ Stewart, Andrew (November 19, 2012). "Cinemark buys Rave Cinemas". Retrieved January 4, 2022.
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