This is interesting, but doesn't have to be correct.

If Blockbuster had kept pouring money into the new service, maybe it would have lost it all - I see no reason to think Blockbuster's movie rental franchise business would have 'transferrable skills' to allow it to succeed at streaming.

If it had been trying to pivot into a pizza delivery business (perhaps more transferable, in terms of locating franchises etc) would Icahn still have been 'killing' it?

My point is, maybe it was already dead and Icahn just prevented it from wasting a lot of money on the way down the drain.