Word: mergers
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Dates: during 1960-1969
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...works, the complex arrangement that started last week between the Miami Herald and the Miami News may well furnish newsmen with a new phrase-"Miami merger," meaning one that aims to prevent an actual merger...
...merger is important for United Artists too. Chairman Robert S. Benjamin and President Arthur B. Krim, who form a kind of Alphonse-and-Gaston partnership, in 15 years have sponsored one of the most remarkable comebacks in show business. Organized in 1919 by Mary Pickford, Douglas Fairbanks Sr., Charlie Chaplin and D. W. Griffith, United was losing $100,000 a week by 1951. Lawyers Benjamin and Krim (law partners of Louis Nizer) took over, encouraged talented independent producers to make good films for United to bankroll and distribute. The list has since included such successes as Marty, High Noon...
...fine companies. His Consolidated Foods Corp. (TIME, June 24) has made corporate acquisitions and become a food-industry behemoth, with sales last fiscal year of $830 million. Last week Cummings announced the result of his latest look into somebody else's business. Consolidated agreed on a merger in which, for $140 million in stock, it will acquire United Artists Corp...
Long Step. For Cummings and Consolidated, taking over the best money-maker in the motion-picture industry ($12.8 million earnings last year on revenues of $193.7 million) is a long step. Until this year, Consolidated limited its acquisitions to the food-processing business. The United Artists merger will not only put Consolidated over the billion-dollar sales mark this year but take Cummings into nonfood fields with vast possibilities. "We believe," said Cummings, that "the merger with United Artists is the most important diversification made by our company since its founding 27 years...
Because of its punitive tone, the bill provoked a strong protest in Washington. Approving an otherwise routine merger between the California Canadian Bank of San Francisco, owned by Toronto's Canadian Imperial Bank of Commerce, and the Northern California National Bank of San Mateo, of which Singer Bing Crosby is chairman, the Federal Deposit Insurance Corp. deplored "the apparent lack of reciprocal treatment" accorded U.S. banks in Canada...