Icahn replaces Antioco on Blockbuster's (BBI) board; Netflix (NFLX) investors applaud the news

Includes: BBI, NFLX
by: David Strahlberg

According to preliminary results from Blockbuster's (ticker: BBI) much anticipated shareholder vote, it appears as though Carl Icahn's slate has replaced three current board members including CEO John Antioco.  Blockbuster and Netflix (ticker: NFLX) shares both reacted favorably to the news.

Here is an exceprt from the press release:

While official results are likely several days away, Blockbuster Inc. (NYSE: BBI, BBI.B) today announced at its 2005 Annual Meeting of Stockholders that it appears Carl C. Icahn, Edward Bleier and Strauss Zelnick, a dissident group of nominees up for election to the Blockbuster Board of Directors, have won election as Class III directors with terms expiring in 2007, replacing incumbent Blockbuster Directors Linda Griego, Peter A. Bassi and Chairman John Antioco.

Investor reaction:

  • Blockbuster: +2%
  • Netflix: +11%