Word: sales
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Dates: during 1980-1989
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...Reason: besides its cultural value, the records division is a money machine that produced $162 million in profits last year, some 37% of CBS's total earnings. However, when Sony came back with a $2 billion bid, the CBS directors could not refuse. President Laurence Tisch, who pushed the sale as part of his back-to-broadcasting program for CBS, apparently contended that now was the right time for CBS to get out of the recording industry, since its profits might wither in an economic downturn. Sony seemed to be the ideal buyer, as the two companies have been partners...
...sale of CBS's labels leaves the U.S. recording industry dominated by overseas owners. (Polygram is controlled by the Dutch, RCA by the West Germans and Capitol by the British.) Yet in a sense, CBS Records is only passing from one revered entrepreneur, Paley, to another, Akio Morita, who is responsible for the Walkman and other breakthroughs. Morita, who favors classical music, seems determined not to mess up the good beat at CBS. His company has offered a package of some $20 million in compensation to persuade CBS Records' bearded, brassy chief, Walter Yetnikoff, 54, to stay...
...report's most notable conclusions, the bipartisan majority declares flatly that the profits generated by the sale of U.S. arms to Iran were the rightful property of the Federal Government, not of the so-called enterprise operated by retired Major General Richard Secord and his Iranian- born partner, Albert Hakim. Diverting those profits to the Nicaraguan contras "constituted a misappropriation of government funds," the report claims. If Walsh and a federal grand jury concur, Secord and Hakim may face indictments. So, too, may former National Security Adviser John Poindexter, who approved the diversion, and former-NSC Staffer Oliver North...
...know how dangerous the PCB threat is, partly because an increase in the incidence of ill effects caused by the chemicals might take a ^ long time to show up. As a precaution, the Government has been moving to mop up the PCB mess. In 1979 Congress banned the production, sale and distribution of PCBs. Companies were permitted to keep using equipment that already contained the chemicals, as long as the machinery was carefully sealed. As the equipment wears out, owners must deposit it at federally approved toxic-waste disposal sites...
...original purpose of the Iran deals, the report says, was to trade arms for hostages. But the arms flow continued even though Iran did not release the American hostages. Why? The committee concludes that North and others came to believe the hefty arms-sale profits could serve as an ongoing source of funding for the contras...