Word: annenberg
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Dates: during 1950-1959
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After Publisher Gardner ("Mike") Cowles folded pocket-size Quick last year, he quickly found a buyer for the magazine. The Philadelphia Inquirer's Publisher Walter Annenberg bought the title from Cowles for a reported $250,000, put out his own biweekly Quick in a larger format (TIME, July 20). Annenberg, who also publishes Seventeen, Daily Racing Form and Morning Telegraph, hoped to succeed where Mike Cowles failed by using his Inquirer gravure presses, selling no subscriptions or ads and sticking to newsstand sales. He estimated he could break even with 1,000,000 circulation. Last week Annenberg admitted defeat...
...Walter Annenberg...
Fully confident that his only son would carry on after his death, Moe Annenberg (who also had seven daughters) paid more than $13 million in 1936 for the respectable Philadelphia Inquirer. Walter, who went to the University of Pennsylvania's Wharton School of Finance, started out with his father in the bookkeeper's office, countersigning checks so that he could see where the money went. When Moe Annenberg bought the Inquirer, Walter became his father's assistant to learn his editorial and circulation tricks. Walter, who still knew more about art than the newspaper business, suggested that...
Start & Stop. When Moe Annenberg was sent to prison in 1940 (he died a month after his parole in 1942) and Walter had to take charge, he quickly proved that he knew the difference between Matisse and Adams. Against the stiff competition of Robert McLean's Evening Bulletin (circ. 693,104-"In Philadelphia nearly everybody reads the Bulletin"), he kept the Inquirer growing, started Seventeen, a fashion magazine for teenagers. (He also decided that two movie magazines, Radio Guide and Click, a picture magazine, ate up more hard-to-get paper than they were worth, killed them.) While...
...Annenberg started an annual music festival, took over the Philadelphia Forum, gave scholarships in his father's name to college students, bought the city sports Arena and, two months ago, a block-square piece of property in Penn Center (TIME, June 1) to build a community transportation center. At New Jersey's Peddie School, where he prepared for college, Publisher Annenberg proudly recalls that his classmates voted him "most likely to succeed." But, adds he modestly: "I started with an awful lot handed...