Word: mergers
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Dates: during 1960-1969
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...editorial product, costs must be kept down, the work force reduced, union restrictions eliminated, production fully automated. "One thing you've got to have is a modern plant," says Vincent Manno, the New York newspaper broker who brought Hearst, Howard and Whitney together for the ill-fated W.J.T. merger. "You can't spend less than $25 million and have the kind of plant necessary to put out a paper in the city of New York. A fully automated plant contemplates that the unions would permit it, and to my knowledge they never have. The newspaper is the only...
...three-way merger will be called the International Herald Tribune. Interest in the new venture will amount to 37% for Jock Whitney's Trib, 33% for the Times and 30% for the Post. The Trib-Post's editor, Murray M. Weiss, and its publisher, Robert T. MacDonald, will be in charge; Gruson will work with them during the period of transition, then return to Manhattan. With an expected circulation of close to 100,000, the paper will be the largest American daily ever printed outside the U.S.-but it will be put to bed each night without...
...under Signal's rich corporate umbrella. Despite record sales ($412 million in 1966), Mack has been desperately short of capital needed to expand its 20,000-a-year truck output and increase its 15% share of the heavy-duty-truck market. Signal had hardly settled the Mack merger terms, involving some $185 million in securities, when it reached in yet another direction to buy, for some $17 million in securities, Arizona Bancorporation, a Phoenix-based holding company with interests in banking, land, steel and insurance...
...wanted the comfortably prosperous (1966 sales: $352 million) food, chemical and paint company. But Glidden President William G. Phillips was quick to warn stockholders that "Greatamerica knows that Glidden stock is worth substantially more" than $30. And at week's end, he was huddling with a friendly merger prospect, General Aniline & Film Co., to prove...
Plans for a merger of Vassar and Yale announced last Fall did not prompt the new program, the presidents said. According to Miss Adams, she and Johnson met socially last fall and discovered similar problems as new presidents of their respective schools. They continued talking shop since then, she said, and the idea for the joint plan came form a sort of spontaneous combustion...