Video Library was a publicly traded videocassette rental company

Rental shop

A rental shop, also known as a video library, is a business that allows a consumer to temporarily obtain a reusable good or product for a specified period of time in exchange for payment, a process known as renting...

 based in San Diego, California

San Diego, California

San Diego is the eighth-largest city in the United States and second-largest city in California. The city is located on the coast of the Pacific Ocean in Southern California, immediately adjacent to the Mexican border. The birthplace of California, San Diego is known for its mild year-round...

. It had 80 franchises from 1985 through 1989 before they were acquired and converted into Blockbuster Video in 1989.

History

Video Library made its initial public stock offering

Initial public offering

An initial public offering or stock market launch, is the first sale of stock by a private company to the public. It can be used by either small or large companies to raise expansion capital and become publicly traded enterprises...

 in mid-1985.

Video Library was owned by President and Chief Executive Barry L. Rosenblatt, Chairman Roy Keith Black

Roy Keith Black

Roy Black was a British-born businessman, best known for owning and operating, Electronic Rentals Group, a UK public company during the 1960s in Dublin, Ireland specializing in television rentals. By 1970, ERG was the world's second largest Electronic Rental Company in the world with operations in...

, and shareholder Pauline Sussman. As part of the acquisition deal, the three received Blockbuster stock valued at $66.4 million. At the time of the acquisition, Blockbuster Video operated 133 company-owned and franchised Blockbuster Video Superstores in 23 states.

Video Library reported a profit of $11.9 million in revenue for the third quarter of Sept. 30, 1987.

External links

• http://www.fundinguniverse.com/company-histories/Blockbuster-Inc-Company-History.html at Blockbuster History