Word: mca
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...inability to get around Senate recommendations in his efforts to appoint blacks and women to federal judgeships, and his difficulties with American Jews over his Middle East policies--Hamilton Jordan flew to Los Angeles to help push tickets for a $1000-a-plate dinner headed by Lew Wasserman of MCA two weeks ago, and it's seen as a big test of his approval...
...MCA's timing especially annoyed CCLA brass: the offer came before Coke-L.A. could release its third-quarter sales and earnings figures. These are usually the year's fattest because of summer soft-drink consumption. CCLA's sales last year were $165 million, v. $141 million in 1975; earnings rose to $11 million from $9 million. Coke-L.A. even filed suit to stop the takeover bid, charging that it was illegal because MCA began buying shares of CCLA before filing appropriate documents with the U.S. Securities and Exchange Commission. Trading in CCLA was indeed furious...
Through its recording and Universal film subsidiaries, MCA Inc. has produced some of television's more violent programs (Baretta, Kojak), some very slick and successful flicks (The Sting and, above all, Jaws) and a stack of million-selling gold records, by Elton John and Olivia Newton-John among others. But entertainment alone has not satiated MCA's voracious appetite for acquisition. It also has pushed into computer services, retail gift stores, publishing (Putnam) and finance (Colorado's Columbia Savings and Loan). Last week MCA decided that all these things would go better with Coke. It offered...
That was not enough for CCLA managers, who denounced the MCA offer to shareholders as "not being representative of the inherent worth of your company." Coke-L.A., they pointed out, is about to wrap up a deal of its own to acquire Coca-Cola Bottling Co. of Mid-America. That would extend CCLA's marketing turf from Hawaii and the West Coast eastward. Both companies, like about 500 other Coke bottlers, are independent of the monster Coca-Cola Co. of Atlanta, which supplies bottlers for a fee with Coke syrup and rights to the trademark. The bottlers...
...MCA, which last year earned a $90 million profit on revenues of $803 million, seems determined to make what it sees as a good investment. MCA is loaded with extra cash-$153 million in all-and needs a place to put it. Coke-L.A. shareholders have until the end of this week to decide whether to take MCA's offer. If they do, the acquisition will move the movie business toward controlling not only what audiences see but what they buy in the lobby. Twentieth Century-Fox has taken over Coca-Cola Bottling Co. Midwest in St. Paul...