Word: rca
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Dates: during 1980-1989
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...more than a year, has targeted communications, financial services and entertainment as areas for expansion. But moving into new fields has not been easy. One investment has already flopped. Earlier this year, the company shut down a pay-cable TV service, the Entertainment Channel, which it co-owned with RCA Corp., after the operation ran up losses of $50 million. Now that it has been proved that even Rockefellers can lose money, Voell hopes that the latest entry in communications will be a winner...
...RCA's earnings, unusually high during the first quarter of 1982 because of a one-time sale of assets and tax benefits, were down 47% this year, but profits for the company's C.I.T. Financial and NBC subsidiaries moved ahead. Basic industries generally have yet to feel the recovery. Republic Steel lost $35 million in the first quarter, almost twice as much as last year. Armco lost $128 million. Dow Chemical's profits declined from $154 million last year to $69 million this year. Dow President Paul F. Oreffice explained that his industry "traditionally lags a general...
Kostelanetz, who has given tax advice to such notable figures as former Vice President Nelson K Rockefeller and former Pennsylvania Senator Hugh Scott, cites the case of RCA Board Chairman Anthony Conrad. He had spent 30 years rising through the ranks and was earning a salary of $250,000 when it was disclosed in 1976 that he had not filed an income tax return in five years. Strangely enough, Conrad had paid $684,000 in withholding taxes and always managed company affairs with great prudence. On Kostelanetz's advice, Conrad resigned and retired to Maryland. He has since filed...
...possible hitch for TNN is that it is beamed from Westar V, a relatively new satellite that is picked up by fewer cable operators than RCA's Satcom III-R. With its almost 40 hours of original programming a week, TNN will have its hands full keeping production costs down. Still, country and cable seem like a good match. For one thing, they share the same rural roots. Indeed, an advertising slogan for the new network claims that it is a service "for people who really love their country." Music, that is. -By Richard Stengel
Rock has produced a few top piano thumpers - Fats Domino, Huey Smith - but none burned with the passion of Jerry Lewis. Sam Phillips, who had started Sun Records in Memphis, sold the contract of his major star, Elvis Presley, to RCA in 1955 for the then unheard-of sum, for a new singer, of $35,000, and he was shopping around for a replacement. Jerry Lee, 21, looked like just the boy. Nicknamed the Killer, to his perpetual displeasure, Lewis sang country, which was not then considered commercially lot. But he also played mean boogie-woogie. He would sit down...