Word: million
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Dates: during 1960-1969
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...company's new president to replace Louis ("Bo") Polk Jr., 39, who was fired. Polk had been chosen only last January by Edgar M. Bronfman, whose 16% holding in the company was the largest until Kerkorian bought roughly a 40% share for about $100 million. (Time Inc. owns 5%.) Bronfman and one of three other directors representing his interests quit the 19-man board last week...
...expected to report a loss of about $25 million for the year that ended Aug. 31. Deficits were biggest in the film and record divisions; earnings from television have also suffered, and of the major divisions of the company only the music publishing business raised its profits. Apparently, MGM's creative people have lost touch with what the public wants in films. Last year nearly all the company's films lost money. MGM's last big hit was Doctor Zhivago...
...sale, which must be approved by both companies' boards and by AMC's shareholders, immediately raised the question of who was swallowing whom. American will pay about $86 million in cash, notes and stock for Kaiser Jeep Corp. The deal will make Kaiser Industries the largest single shareholder in AMC, with 22% ownership and two seats on the 14-man board. But there was no evidence that Kaiser intends to add the auto company to its empire of steel, cement, aluminum and chemical companies (total assets: $624 million). The suspicion in Detroit was that two old friends, Edgar...
...acquire a new line for its 2,400 dealers at home, and likely gain much-needed recruits among Jeep's 1,600 dealers, some of whom will switch to AMC. American also inherits Jeep's substantial Government business, which amounted to 62% of its sales of $477 million last year, and a $190 million Jeep contract to build Army trucks, which was announced by the Pentagon on the same day as the sale...
...that time, AMC's future seemed so shaky that its creditors, a consortium of 24 banks headed by Chase Manhattan, examined the books every ten days. The new chiefs sold AMC's finance subsidiary and Kelvinator Appliance to pay some of the debts, trimmed costs by $20 million annually to cut the breakeven point from 343,000 to 250,000 cars a year, and last year turned a profit of $3,300,000 on sales of 260,000 cars. Chapin and Luneburg expect to reach $4,000,000 this year. The acquisition of Kaiser Jeep also makes American...