The World's Biggest Boardroom Blunders
Let's face it, not every decision that you make can be a good one. So if you have made somewhat of a business faux-pas recently, here are some brilliant boardroom blunders that you can console yourself with.
Turning down The Beatles
Back in 1961, The Beatles were still an unknown, unsigned group from Liverpool. On New Years Day in 1961, they found themselves in the office of one Decca Records, auditioning to be signed. What happened? Well, Decca's A&R rep, Mike Smith, decided not to sign them, feeling that guitar groups were on their way out. It might have been a bad way to end the year but the Fab Four's disappointment didn't last too long as they soon went on to become the best-selling band in history, revolutionising music and pop culture forever.
Excite turning down Google
Sure google is a household name now, but back in the early 90's, it was still a small and fledgling search engine and something called Excite was King of the web. When Google went to Excite to buy them out for $1 million, they were turned down with Excite failing to see the potential in Google. Later that year they suffered a serious decline in stock prices and were eventually bought out and Google? Well, it's now worth $340 billion and makes $60 billion a year. Oops.
M&M not phoning home
There can't be many people who haven't seen Steven Spielberg's E.T and those who know the film well will remember the scene where Elliot lures E.T out of hiding using a trail of Reece's Pieces. Well, what you might not know is that these were originally meant to be M&M's but Mars turned down the chance to be featured in the film. Sales of Reece's Pieces went up 65% after the film and the collaboration went on to be known as one of the most successful product placements in history.
Netflix and don't chill
Blockbuster used to be a part of our weekends like, well, Netflix is now. Once the champions of film and TV show delivery, perhaps one of the reason's Blockbuster is no more is down to their inability to see the influence of streaming services, like Netflix. In 2000, Netflix approached Blockbuster to partner with them in that Blockbuster could handle Netflix's in-store service and Netflix could handle Blockbuster's online's services. How did that proposal go down? Well, according to former Netflix CFO Barry McCarthy, Blockbuster pretty much laughed them out of the office. So while Netflix is one of the biggest businesses ever known, Blockbuster is down to its last few shops.
The clash of AOL and Time Warner
In 2000 America Online which was valued at $108 billion, bought out Time Warner, valued at $111 billion for a record-breaking $164 billion. The deal was set up that AOL owned 55% of the new company which sounded like a good idea at the time. Well, not so much. Tempers soon flared, cultures clashed and as a result, stock prices soon fell, resulting in a loss of over $99 billion. Seems like it really is hard for some people just to get along.
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