Word: bertelsmann
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Dates: during 1980-1989
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Several foreign owners have enjoyed almost instant success with the U.S. companies they took over. One such corporation is Bertelsmann, the West German media giant, which has engineered turnarounds at RCA Records and Doubleday publishing. But a surprising number of other foreign investors have so far proved luckless on U.S. turf. Among the pitfalls found in TIME's survey...
...frenzied deal making, staggering debt loads and ultimate dismemberment that have plagued U.S. industry in the 1980s. Among other considerations, the absence of heavy leverage in the Time-Warner arrangement was aimed at helping the merged company compete globally against such foreign media giants as West Germany's Bertelsmann and France's Hachette...
...reading is the bottom line, and each part of, or with ambitions to be, an international publishing conglomerate. In the past three years alone, the adult general-interest book trade has been transformed by at . least 16 major acquisitions, from the 1986 purchase of Doubleday by West Germany's Bertelsmann (price: $500 million) to last year's takeover of Macmillan by British publishing magnate Robert Maxwell ($2.7 billion). As early as 1987, Warner Books chairman William Sarnoff quipped at the booksellers' convention in Washington that soon "we'll all just meet at the office of the lone remaining publisher...
Time and Warner were moved to merge by the growing global consolidation in the communications business and by the many foreign acquisitions of American companies. In recent years, West Germany's Bertelsmann bought RCA Records and the Doubleday and Bantam Books publishing houses; Britain's Robert Maxwell took over Macmillan publishers; Japan's Sony acquired CBS Records; and Australian-born Murdoch (now a U.S. citizen) accumulated newspapers, magazines, a movie studio and a TV network. Said Time's Munro: "We see Maxwell, Murdoch, Bertelsmann and Sony coming into our market and raising hell, and we see this ((merger...
With its U.S. periodicals, Hachette expects to become the world's largest magazine publisher, controlling 74 titles with an estimated $1.9 billion in revenues this year. The Grolier purchase will make Hachette the world's third largest book publisher, after West Germany's Bertelsmann and the U.S.'s Simon & Schuster...