Word: paramount
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...year-old president of United Paramount Theaters, Inc. made a deal to buy American Broadcasting Co. (see Show Business...
...biggest U.S. movie exhibitor, United Paramount Theatres, Inc. has been hard hit by television. Unable to lick the enemy, United Paramount's 45-year-old President Leonard H. Goldenson last week decided to join it. He made a $25 million stock-swapping deal to buy American Broadcasting Co., third biggest television-radio network. Only two weeks before, Edward J. Noble, ABC's biggest stockholder (58%), had stated firmly that he would not sell. But Paramount had upped its offer enough to change his mind...
...deal has still to be approved by FCC and the stockholders of both companies; it will probably be months before it is finally okayed. If all goes well, Goldenson will combine ABC's 294 affiliated stations with Paramount's 950 theaters (600 wholly owned, 350 partly owned), in a new colossus of the U.S. entertainment industry...
Back Door. He will form a new company, American Broadcasting-Paramount Theatres, Inc., to boss the combine, with himself as president. Noble will be chairman of the finance committee; ABC's President Robert E. Kintner, onetime newspaper columnist (Alsop & Kintner), will head the company's ABC division. Paramount will swap its common and preferred stock for ABC's common at a ratio placing a value of $14.70 on each ABC share (last week's market price: $13). ABC will then have 16% of the new company's common stock; Noble will hold 9%. CBS, which...
...deal got his first taste of show business as a boy in Scottdale, Pa., where his father was part owner of the town's two theaters. Leonard Goldenson wanted to get into the movie industry on finishing Harvard Law School in 1930, but got turned down at Paramount's front door. He came in through the back, as a lawyer, when he was hired to reorganize Paramount's New England division. Paramount made him assistant operations boss, put him in charge of theaters in 1941. Last year, when Paramount's theater and picture-making operations were...