Word: mergers
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...Chevron bought Gulf, which made its home in the Pennsylvania city. The purchase wounded Pittsburgh's pride, and stands to cost it more than 2,000 jobs as Chevron shuts offices and shifts employees to other U.S. locations. In all, Pittsburgh Mayor Richard Caliguiri estimates that the Chevron-Gulf merger will result in the loss of nearly $75 million in income for residents of the area...
...will remain frozen until authorities find a healthier partner to take over the shuttered bank. About 3,000 depositors gathered last week at Xavier University's field house for an emotional rally to urge the state to speed up action. New York's Citicorp has emerged as the prime merger candidate. A host of state and federal investigators are looking into Home State's ties with E.S.M. Government Securities, a Fort Lauderdale dealer in Treasury bills and bonds whose March 4 closing forced Home State out of business. A central figure in these probes is Financier Marvin Warner, the owner...
Last Sunday, over a late dinner at New York City's Plaza hotel, Pierce and Goldenson briefed ABC's division presidents about the impending merger. The next morning, the word went out to two dozen other top management people, and finally the deal was revealed. Up until the formal announcement, Murphy and Goldenson had insisted that the proposed merger be kept a secret in order to prevent premature speculation in ABC's stock. Said Goldenson: "We were fortunate that there were no leaks...
...Washington, Justice Department officials foresaw no antitrust barriers, as long as both companies complied with FCC regulations regarding mergers. Some potentially problematic FCC rules might be relaxed by Reagan Administration appointees, who have already let several other large mergers go through unchallenged. Industry lawyers, for example, think that the commission might do away with a regulation that bans a network from owning cable-TV systems, a large part of Capital Cities' business. Joseph Fuchs, a Kidder Peabody vice president and one of Wall Street's top media analysts, thinks that the FCC now sees itself as "neither a sword...
Still, ABC's financial situation was unstable (it was the target in the 1960s of attempted hostile takeovers by Norton Simon and Howard Hughes and an aborted merger with ITT), and its hold on last place in the ratings seemed depressingly unshakable. Some of the network's hit shows of the late 1960s and early '70s were often faddish entries, quick to catch on and quick to fade away: Batman, The Mod Squad, Kung Fu. ABC's ratings woes became the subject of mordant jokes. Asked how to end the Viet Nam War, industry wags would reply, "Turn it into...