Word: parent
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Dates: during 1980-1989
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Long the bible of New York's ethnic and blue-collar communities, the News started to slip as its traditional audience moved to the suburbs. Circulation dropped from 1.9 million in 1975 to 1.5 million last spring. To stanch the flow, the News and the parent Chicago Tribune Co. decided to seek a new readership among New York commuters and affluent Manhattan residents. They launched Tonight as a sophisticated answer to Rupert Murdoch's sensation-mongering New York Post, which had the afternoon market all to itself. Clay Felker, who had founded New York magazine, was brought...
...board of directors last week named George A. Warde, 59, the former president, to succeed Feldman as chief executive officer. Meanwhile, Texas International is awaiting final White House approval of its takeover bid, which appears likely. Lorenzo intends to keep Continental a separate airline and a subsidiary of the parent organization, Texas Air Corporation. Continental employees last week were still trying to search for ways to block Texas International, but their chances looked very slim...
From each firm's point of view, a corporate marriage was attractive. Phibro, founded in 1914, had just been spun off from its smaller and less profitable parent, Engelhard Minerals & Chemicals Corp. of New York. Though it has been making record profits, Salomon had recently lost about $40 million in the highly volatile bond market. Several senior officials at Salomon, which is one of the few remaining partnerships on Wall Street, were also anxious to leave the firm and cash in their share of the operation...
Though Warner's management permitted Bushnell to open an initial Pizza Time Theater restaurant in San Jose in 1977, the parent company never saw much future in the idea. In 1978 Bushnell resigned his chairmanship, put up $500,000 to buy back the Pizza Time concept from his old employer, and went into business for himself...
...history of mergers is Uttered with both celebrated successes and famous failures. Large companies have often offered special expertise to smaller firms that they absorb. When United Technologies bought Otis Elevator for $500 million in 1976, the parent company's skilled technicians significantly improved the design and manufacture of its newly acquired products. Other mergers have been much less successful. LTV Corp. was one of the highest flying firms of the 1960s, but its forays into businesses as wide-ranging as prescription drugs and sporting goods drove it to the edge of bankruptcy. The company's turn-around...