Word: money
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Dates: during 1980-1989
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Corporate underwriting has produced some magnificent results for American libraries, museums, ballets, theaters and orchestras -- for institutional culture, across the board. But today it is shrinking badly, and it requires a delicate balance with Government funding to work well. Corporations' underwriting money comes out of their promotion budgets and -- not unreasonably, since their goal is to make money -- they want to be associated with popular, prestigious events. It's no trick to get Universal Widget to underwrite a Renoir show, or one of those PBS nature series (six hours of granola TV, with bugs copulating to Mozart). But try them...
...fetish of supply-side culture was one of the worst legacies of the Reagan years. Though the Great Communicator was frustrated in his attempt to abolish the Endowment in 1981, he made sure that more Government money went to military bands than to the entire budget of the NEA. Oom-pah-pah culture to , fit a time of oom-pah-pah politics. After all, who could say that the arts needed support outside the marketplace at a time when star orchestra conductors were treated like sacred elephants and the art market was turning into a freakish potlatch for new money...
...decision, pro-choice forces may be squandering their newfound energy in a debilitating squabble. One divisive issue is whether to stage another abortion-rights megamarch on Washington, like the one that drew at least 400,000 to the nation's capital last April, or to direct the energy and money required to mount such a colossal demonstration toward the more productive but less mediagenic grass-roots political organizing...
Bennett's plan could cost as much as $1 billion the first year. Where will the money come from? Most congressional drug-war hawks are withholding final judgment on his strategy until they see the bottom line. Last week Bennett would not, or could not, come up with answers...
LBOs invariably lose money at first because heavy debt charges soak up their earnings. RJR Nabisco, which went private last December in a record $25 billion buyout, last week reported a staggering $309 million loss for the second quarter. Reason: $1.05 billion in interest and debt expenses. In announcing the loss, RJR Nabisco said its basic food and tobacco operations, which include Nabisco cookies and Winston cigarettes, performed strongly; the company added that its program to sell assets was ahead of schedule. RJR Nabisco has already sold more than $2.5 billion of businesses, including most of its European food operations...