American Broadcasting-Paramount Theatres
|Predecessor||Paramount Publix Corporation|
|Founded||November 15, 1949|
|Defunct||July 24, 1989|
|Headquarters||1501 Broadway, New York City, US|
|Revenue||US$194.7 million (1955)|
|US$191.6 million (1955)|
|US$8.2 million (1955)|
|Total assets||US$103.9 million (1955)|
|Total equity||US$81.4 million (1955)|
|Owner||Edward J. Noble (10% common, 55% preferred)|
|Footnotes / references
American Broadcasting-Paramount Theatres, Inc. (originally United Paramount Theatres, later the American Broadcasting Companies and ABC Television) was the parent company post-merger of the American Broadcasting Company and United Paramount Theatres.
United Paramount Theatres
United Paramount Theatres, Inc. (UPT) was incorporated on November 15, 1949. as a spin off of Paramount Pictures' movie theater operations due to a Supreme Court anti-trust ruling, United States v. Paramount Pictures, Inc.. UPT got the Paramount subsidiary Paramount Publix Corporation which included Balaban and Katz, a Chicago based theater chain that included some broadcasting, radio & TV, stations interests. 800 theaters were to be sold leaving United with 650. A court appointed trustee would control UPT stock for five years to ensure separate ownership. Paramount stockholders would get stock in both companies with conversion provision that allow a shareholder to exchange all their stock in one successor into the other companies stock. Leonard Goldenson, who had headed the chain since 1938, remained as the new company's president. With the American Broadcasting Company (ABC) looking to enter television, UPT had the cash from the divested theaters and was looking to invest that money else where and barred from film making. ABC also considered International Telephone & Telegraph and General Tire, before accepting UPT's offer.
American Broadcasting-Paramount Theatres
American Broadcasting-Paramount Theatres, Inc. (AB-PT) became the name of United Paramount Theatres, Inc. on February 9, 1953 to reflect its post merger status as the parent company of the merged companies, American Broadcasting Company and United Paramount Theatres. The Federal Communication Commission approved the merger that same day. Leonard H. Goldenson continued as corporate president post merger with ABC president Robert E. Kintner continuing as ABC division president. No general theater division similar to the ABC division was set up as AB-PT corporate would handle overall theater planning and development. ABC division was slated to move out of the RCA Building to 7 W. 66th Street, New York City by April 1. The sale of WBKB (TV) in Chicago to CBS for $6 million was also approved by the FCC.
In 1954, American Broadcasting-Paramount Theatres invested $.5 million in Disneyland, Inc. taking a 34.48 percent and guaranteeing $4.5 million in bank loan plus TV programming for the American Broadcasting Company from Walt Disney Productions.[CDL 1]
|Theater Circuit (in 1955)||state(s)|
|Balaban and Katz||Illinois|
|Great States||Illinois, Indiana, Ohio|
|Minnesota Amusement||Minnesota, Wisconsin, North & South Dakotas|
|New England||Massachusetts, Maine, Vermont, New
Hampshire, Connecticut, Rhode Island
|Paramount Gulf||Louisiana, Mississippi, Alabama, Florida, Texas|
|Tenarken Paramount||Arkansas, Tennessee, Kentucky|
|Tri-States||Iowa, Nebraska, Illinois, Missouri|
|Wilby-Kincey||Alabama, Georgia, North & South Carolina,
Tennessee, Virginia, West Virginia
In February 1956 with Western Union, AB-PT agreed to purchase a 22% share of Technical Operations, Inc. a nucleonics, operations research, chemistry and electronics company to expand the company's electronics holdings with options to purchase up to 25%. For which, Western Union took a 1/3 share in Microwave Associates allowing that AB-PT holding to purchase a site for a new plant.
Having only full ownership of 449 at the time of the consent agreement and all joint ownership interest were to be ended. By March 1957, AB-PT's 5 theater circuits had sold off more theaters than ordered. In June, AB-PT decided to sell an additional 90 locations due to decline revenue. In 1957, Microwave Associates became a publicly listed corporation.
AB-PT purchased Weeki Wachee Springs natural tourist attraction in 1959. In 1960, Walt Disney Productions purchased for US$7.5 million AB-PT's share in Disneyland and release from its TV contract.[CDL 2] In 1962, AB-PT purchased Silver Springs nature attraction and placed into its ABC Scenic & Wildlife Attractions subsidiary.
American Broadcasting Companies
American Broadcasting-Paramount Theatres, Inc. assumed the name, American Broadcasting Companies, Inc. on July 2, 1965. ABCs started ABC Pictures in 1965 to produce feature films. In 1965, Clark was appointed vice-president, non-broadcasting operation of American Broadcasting Companies overseeing ABC-Paramount Records, ABC music publishing, theater operations, ABC Pictures, ABC Amusements and other operations. In April 1966, Dunhill Records was purchased. Its recording division was renamed ABC Records in 1966.
On December 7, 1965, Goldenson announced a merger proposal with ITT to ABCs board. The two companies agreed to the deal on April 27, 1966. The FCC approved the merger on December 21, 1966; however the previous day (December 20), Donald F. Turner, head antitrust regulator for the United States Department of Justice, expressed doubts related to such issues as the emerging cable television market, and concerns over the journalistic integrity of ABC and how it could be influenced by the overseas ownership of ITT. ITT management promised that the company would allow ABC to retain autonomy in the publishing business. The merger was suspended, and a complaint was filed by the Department of Justice in July 1967, with ITT going to trial in October 1967; the merger was officially canceled after the trial's conclusion on January 1, 1968.
By May 1972, ABCs formed the ABC Leisure Group consisting of its theaters, farm publishing operations (ABC Farm Publications) and music (ABC Records), Anchor Records and ABC Records and Tape Sales plus a new retail record store division. In January 1973, ABC Leisure Group started ABC Retail Records Division was started head by president Al Franklin. Three Wide World of Music locations in Seattle and Providence were opened by July 1974, when they announced expansion to add 4 more locations. In 1974 by August, ABC Records had acquired two additional record companies. Lesiure Group I added ABC Leisure Magazines and ABC Entertainment Center, Center City by October 1974.
Plitt Theatres purchased ABC Theatres northern group of movie theaters including the Balaban & Katz chain in 1974. A second Plitt corporation, Plitt Theatres Holding, purchased ABC`s southern circuit in 1978 for $49 million.
ABC Scenic & Wildlife Attractions president John Campbell announced on April 27, 1973 its plans for developing its third wildlife preserve on 280 acres in Prince George's County, Maryland, 12 miles from Washington, DC. On July 15, 1994, The Wildlife Preserve open in Prince George's County. In October 1974, ABC Leisure Group II was formed by ABCs composed of ABC Theatres (267 locations), ABC Scenic & Wildlife Attractions, Town of Smithville, NJ recreated historic settlement and the Silver Springs Bottled Water Co. under president Walter Schwartz.
ABC Motion Pictures was a theatrical movie subsidiary of ABC formed in May 1979.
A cable division was started in July 1979 which was incorporated as ABC Video Enterprises, Inc. (AVE) by March 25, 1980. ABC announced ARTS in December 1980 to be launched on April 5, 1981 sharing Nickelodeon's channel at night. ABC and the Hearst Corporation in January 1981 formed a joint venture, Hearst/ABC Video Services, to provide programming to ARTS and launch BETA, a women's network, later that year. With Group W Satellite Communications, ABC Video Enterprise formed the Satellite News Channel in 1981 only to sell it a year later to Turner Broadcasting, owner of CNN. Cox Cable and AVE formed in 1983 FirstTicket to try the market for pay for view sports service. AVE and ESPN launched Reserve Seat Video Productions, a pay per view sports producer, in 1983.
In 1984, ABC Scenic & Wildlife Attractions sold both Florida locations to Florida Leisure Attractions. In 1984, Hearst/ABC-Viacom Entertainment Services (HAVES) was formed from the merger of Daytime (BETA) and Lifetime Medical Television to start and operate a new cable channel, Lifetime Television.
Capital Cities' announced $3.5 billion purchase of ABC on March 18, 1985, stunned the media industry, as ABC was some four times bigger than Capital Cities was at the time. Berkshire Hathaway chairman Warren Buffett helped to finance the deal in exchange for a 25 percent share in the combined company.
In October 1985, ABC Motion Pictures was shut down.
ABC Television, Inc. was dissolved on July 24, 1989.
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