Video Library (company)

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Video Library was a publicly traded video rental shop based in San Diego, California. It had 43 corporate stores from 1979 through 1989 before they were acquired and converted into Blockbuster Video in 1989.

Video rental shop physical retail business that rents home videos such as movies, TV shows, video game discs and other content.

A video rental shop/store is a physical retail business that rents home videos such as movies, prerecorded TV shows, video game discs and other content. Typically, a rental shop conducts business with customers under conditions and terms agreed upon in a rental agreement or contract, which may be implied, explicit, or written. Many video rental stores also sell previously-viewed movies and/or new, lots of unopened movies.

History

Video Library made its initial public stock offering in mid-1985.

Initial public offering (IPO) or stock market launch is a type of public offering in which shares of a company are sold to institutional investors and usually also retail (individual) investors; an IPO is underwritten by one or more investment banks, who also arrange for the shares to be listed on one or more stock exchanges. Through this process, colloquially known as floating, or going public, a privately held company is transformed into a public company. Initial public offerings can be used: to raise new equity capital for the company concerned; to monetize the investments of private shareholders such as company founders or private equity investors; and to enable easy trading of existing holdings or future capital raising by becoming publicly traded enterprises.

Video Library was owned by Founder and President and Chief Executive Barry L. Rosenblatt, Chairman Roy Keith Black, 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 58 company-owned and franchised Blockbuster Video Superstores.

Roy Black was a British-born businessman, known for his work at Electronic Rentals Group, a UK public company during the 1960s in Dublin, Ireland specialising in television rentals. By 1970, ERG was the world's second largest Electronic Rental Company in the world with operations in 22 countries. From 1967 to 1973, ERG owned Gola and the Leisure Division was run by Alan Christopher Cowell MC along with companies like Camping Gaz Gola Sporting Goods.

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

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