Word: hertz
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...Robert Sarnoffs now-ended RCA career began in 1948 with the parent corporation's National Broadcasting Co. subsidiary. He became head of NBC in 1955 and was elevated to the presidency of RCA in 1966. Shortly after, he started RCA on an ambitious diversification effort. His main acquisitions: Hertz Corp., Random House Inc., Cushman & Wakefield Inc. (real estate) and Coronet Industries Inc. (a carpet and furniture manufacturer). A majority of RCA's board backed Sarnoff throughout his acquisition program, and even last week directors did not criticize his management-but they thought his pay was high enough...
During the past year or two, federal trustbusters have gone after some of the biggest names in U.S. business. Antimonopoly suits are now in various stages of litigation against several giants, including AT&T, IBM, Firestone, Xerox and the big three in the rental-car field: Hertz, Avis and National. Last week the Justice Department turned its attention to some of the biggest banks and insurance companies, charging that they too are in violation of U.S. antitrust laws...
...boat, or charter one with skipper and crew, which could run into thousands of dollars a week, or share space on a "headboat" with a dozen strangers. But in recent years a new way of vacation cruising has taken on, and it promises to do to crewed charters what Hertz did to chauffeured cars. This is bareboating -hiring a yacht without crew and sailing it yourself. In 1966 only two dozen bareboats were working in the entire Caribbean. Today there are some 270, and in Tortola in the British Virgin Islands (the center of the industry, with 120 boats available...
Booted Out? The commission further charged the rental companies with "entering into anticompetitive arrangements" with automakers-Hertz with Ford, Avis with Chrysler and National with General Motors. According to the complaints, the arrangements provide the rental companies with advertising subsidies from the automakers that average $5 million a year to each, and "have the effect of increasing barriers to entry" to smaller companies, which do not get such large subsidies...
...three rental concerns denied the charges. The FTC chose not to accuse the automakers of any violation, but a spokesman for Ford denied that the advertising agreements were anticompetitive and said the company had similar agreements with some of Hertz's smaller competitors...