Word: goldenson
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...activities as a major world supplier of telephone and electronic equipment and services and as a big producer in Europe of TV sets, refrigerators and record players. The new combine would end that heavy dependence on overseas income. ABC would become an "autonomous" subsidiary headed by President Leonard H. Goldenson, 60, would get from the merger the needed financial resources with which to build stronger programs...
Bonanza. Simon's investment is worth about $22 million at current prices, has been rapidly appreciating. Price of the stock has doubled in the past 18 months, and last week President Leonard Goldenson reported that the company's first-half earnings rose 41% above the same period last year, to a record $7.6 million. From a lagging third place among the three television networks, ABC under Goldenson's gifted goading has risen to a point where it is neck-and-neck with NBC and CBS. Stockholder Simon has reason to appreciate the Goldenson touch, but may well...
Positive Feelings. So is ABC-so far. "I have no sense of urgency," said Simon. "We will keep on buying so long as it is a good buy." He insisted that he did not want a director's seat; that Goldenson "leaves me with quite positive feelings about ABC and its future." Television executives, however, remembered the cases of McCall Corp. and Wheeling Steel, in which Simon followed the pattern of investment-takeover-management upheaval. Goldenson seems secure in his job so long as ABC, in an industry that shifts more swiftly than sand, keeps its share of viewers...
...unrealistic fee for its use (current expectation: $6,500 per hour). And for another thing, the networks feel they are already paying an exorbitant amount for the American Telephone & Telegraph Co. landlines that now link them to their affiliated stations in the U.S. So ABC Boss Leonard Goldenson has proposed a solution: a domestic version of the Early Bird, which would hover over the U.S., could beam its signals directly to network stations, thus making an end run around the A.T. & T. facilities...
...Goldenson's technicians tell him that ABC's bird could be built and launched for $9,000,000. Annual maintenance during its five-to ten-year life span has been estimated at a mere $1,500,000. Moving in quickly last week, Comsat insisted that operation of such a continental bird would be "our function, under the law passed by Congress." A subsequent preliminary meeting of ABC, Comsat, and Federal Communications Commission officials seemed to confirm the claim. But ABC would, of course, still enjoy an enormous economy with the new satellite, and at its annual meeting, also...