Word: paper
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Dates: during 1960-1969
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...editorial policy? Or holding veto power over the hiring of an editor-in-chief? Or controlling layout? Such radical conditions prevail at Le Figaro, France's leading conservative newspaper. Its 250 reporters, columnists and sub-editors have long enjoyed these prerogatives under a special agreement with the paper's owners. But now, management wants to reassert its right to manage. To show just how they felt about that idea, Figaro's staff last week staged a one-day strike...
...largest woolens manufacturer, purchased a controlling interest in Figaro. But because he had served briefly in the collaborationist Vichy regime, both Gaullists and leftists opposed letting him assume editorial command. So he signed an agreement with Figaro's noted editor, Pierre Brisson, who had killed off the paper during World War II rather than knuckle under to the Nazis. The agreement gave Brisson and his colleagues complete freedom to direct the paper...
...latest step in that direction is a proposed merger with New York-based St. Regis Paper Co., a deal that has already brought RCA plenty of static from Wall Street analysts. The get-together, involving $630 million in RCA stock, was negotiated by Bob Sarnoff and St. Regis' longtime chairman, Roy K. Ferguson, 74, but still must be approved by directors and shareholders of both companies. If it goes through, the acquisition of the $721.7 million-a-year paper company would put RCA, the 27th largest U.S. firm, as recently as four years ago, within striking distance...
More Positives. Wall Street has denied Sarnoff high marks for the St. Regis deal for the simple reason that the paper company has not been growing as fast as RCA has. A stodgily managed firm in a cyclical industry, St. Regis earned $30.3 million last year, a 22% decline from the year before, but has managed to improve profits slightly so far in 1968. Although RCA stock dropped sharply following the merger announcement, Sarnoff insisted that "it's an excellent deal. The positives far outnumber the negatives...
...near the top of the 70-floor building. Yet Sarnoff seems to be playing the merger game, a favorite pastime of new-breed executives, with an eye more for posterity than for the present. He dismisses St. Regis' problems as the result of "a temporary overcapacity in the paper industry." Adds Sarnoff: "We would rather have a company with a sound growth rate than one of the highflyers, some of which are showing signs of indigestion...