CEO of 20th Century Fox Video
In the late 1970s, Blay paid a flat fee of $300,000 plus $500,000 yearly to 20th Century Fox to license movies from their catalogue, which he then duplicated and distributed, earning a royalty generated per video rented. This proved so successful that 20th Century Fox quickly bought Magnetic Video in 1979 to form the 20th Century Fox Video unit, for $7.2 million. Blay then served as the first CEO of 20th Century Fox Video.
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Famous quotes containing the words century, fox and/or video:
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