Word: culligan
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...reputation in banking circles for rescuing failing corporations with timely infusions of credit. Among his patients: the Hearst publishing empire, which he helped cure, in the early 1940s, of a disastrous indebtedness of nearly $150 million. In the fall of 1962, when Curtis' new president, Matthew J. Culligan, approached Semenenko, the venerable magazine-publishing house stood in sore need of Semenenko's kind of resuscitation...
Despite Curtis' calamitous balance sheet, Banker Semenenko apparently disagreed with such prophecies. The company was making a sturdy effort to recover on its own; new management and editorial teams had swept in to change the face and direction of all five magazines. Culligan, a former advertising man, not only hustled new accounts but ordered stern cuts in Curtis' overhead. He chopped 2,300 names off the payroll, at an annual saving of $10.3 million. Curtis' papermaking subsidiary, New York and Pennsylvania Co., which had been charging the company $214 a ton, found ways to cut the price...
...damages to Georgia University Athletic Director Wally Butts, whom a Post article had accused of conspiring to fix a football game. The judgment has been appealed and may well be reduced-but four other suits, asking a total of $24.5 million, still await trial. It may be necessary, said Culligan, to establish a special reserve fund to accommodate such legal actions...
...avert another deficit as bad as last year's $18.9 million, Curtis President Matthew J. Culligan has lopped 2,200 names from the payroll and pushed through other stringent economies. In an attempt to prop up failing circulation, the Post, having already eliminated half its summer issues, announced a plan to lower its newsstand price from 200 to 100 in almost all of the U.S., while raising the price to 250 in certain selected areas. But so far, the economy campaign has met with slim success. In the first six months of this year, Curtis reversed the trend...
...said Saturday Evening Post Editor Clay Blair Jr. in a recent speech, "is make speeches, deal with libel lawyers and raise hell about the telephone bill." Last week Blair was doing even less. Told by Curtis Publishing Co. President Matthew J. Culligan to quit talking to reporters, he hardly had time to look at the phone bill either. He was worrying about lawyers in an Atlanta courtroom where the Post was defending itself against a $10 million libel suit filed by former University of Georgia Football Coach Wally Butts...