Shareholders want to see changes on Blockbuster's bottom line

Wednesday's vote at the company annual meeting came amid an increasingly bitter feud between the two men.

Mr Icahn had nominated himself and two other executives for the Blockbuster board, calling for a new strategy.

Mr Antioco was criticised for the collapse of an acquisition and plans to move towards internet mail order sales.

Changeover

In a faxed statement after the voting on Wednesday, Mr Icahn's lawyers said that their client, Edward Bleier and Strauss Zelnick had "won about 77% of the votes".

Ed Stead, Blockbuster's general counsel, said that: "It's fair to say that it appears the dissidents have or will be officially elected."

Check Blockbuster's shares

Despite losing his position as chairman, Mr Antioco is expected to be asked to carry on as chief executive.

It is not sure whether he will accept the post, however, and earlier said that the vote would be a referendum on his leadership of the company.

Mr Antioco had threatened to quit if he failed to win backing as chairman, a step that would let him claim $54m (�29m) in severance payments.

Head-to-head

Analysts said that the clash between Mr Icahn and Mr Antioco was triggered by the collapse of Blockbuster's attempt to buy Hollywood Entertainment earlier this year.

Mr Icahn, who once took over defunct airline Pan Am, owns about 9.8% of Blockbuster and had built up a stake in Hollywood Entertainment.

He also has complained about the size of Mr Antioco's pay package.

Blockbuster posted a loss of $1.2bn in 2004, and has introduced a "No late fees" campaign to entice customers, further denting the bottom line.