Kinney National Company

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Kinney Services, Inc.
FormerlyKinney National Service, Inc. (1966–1971)
Kinney Services, Inc. (1971–1972)
IndustryEntertainment
PredecessorKinney Parking Company (1945–1966)
National Cleaning Contractors, Inc. (1886–1966)
FoundedAugust 12, 1966; 56 years ago (1966-08-12)
FounderSteve Ross
DefunctFebruary 10, 1972; 50 years ago (1972-02-10)
FateCorporation's restructuring and reincorporated as Warner Communications, Inc.
SuccessorsWarner Bros. Discovery (2022–present)
WarnerMedia (2018–2022)
AOL Time Warner (2001–2003)
Time Warner (1990–2001, 2003–2018)
Warner Communications (1972–1990)
National Kinney Corporation (1971–1983)
Headquarters,
ProductsParking services
Cleaning services
Film
Television
Music
Magazine
Divisions
SubsidiariesNational Kinney Corporation

Kinney National Service, Inc. (later known as Kinney Services, Inc.) was an American conglomerate company from 1966 to 1972. Its successors were National Kinney Corporation and Warner Communications, Time Warner, AOL Time Warner, and WarnerMedia and its current successor is Warner Bros. Discovery. Kinney National's predecessors were Kinney Service Corporation and National Cleaning Contractors, Inc., whose merger began in January 1966 and was completed in August of the same year. National Cleaning Contractors had been founded in 1886[1][2] by Louis Frankel[3] and Max Sweig[4] as National Window Cleaning & House Renovating Co., and was later known as National House Cleaning Contractors, Inc.

History[edit]

Formation and expansion[edit]

The company was formed on August 12, 1966,[5] as Kinney National Service, Inc., when the Kinney Parking Company and the National Cleaning Contractors, Inc. were merged.[6] The new company was headed by Steve Ross.[7]

Kinney National Company (later, National was removed from the company title in February 1971[8]) was known for purchases and sales:

On June 10, 1971, Kinney sold Riverside Memorial Chapel to Service Corporation International. Kinney also announced that it would form a new separate company focused on its parking and cleaning businesses; National Kinney Corporation was formally founded in September 1971.[16]

On November 22, 1971, Kinney Services also bought Television Communications Corporation (which renamed as Warner Cable in 1973), including its recording studio operations of 1,210,500 common shares.[17][18]

Kinney National also owned wood flooring manufacturer Circle Floor from Seymour Milstein and Paul Milstein, when Kinney's predecessor bought it in 1964 for $15 million, with the Milsteins remaining as managers of the unit until 1971 before sale.[19]

Financial scandal[edit]

Due to a financial scandal involving price fixing in its parking operations,[7] Kinney National spun off its non-entertainment assets in September 1971 as the National Kinney Corporation, and renamed the remaining Kinney National Company as Warner Communications Inc. on February 10, 1972.[20]

Steve Ross was the company's sole CEO, president, and chairman. Directors included Charles A. Agemian, the CEO of Garden State National Bank.

References[edit]

  1. ^ "Real Estate Record and Builders Guide". Archive.org. New York, F. W. Dodge Corp. August 28, 1915. p. 357. Retrieved February 26, 2021.
  2. ^ "Cleaning Up Sales Mount". Newspapers.com. The Palm Beach Post. March 20, 1966. Retrieved January 17, 2021.
  3. ^ R. L. Polk & Co.'s 1918-19 Trow New York Copartnership and Corporation Directory. R. L. Polk & Company (Inc.). January 1919. Retrieved November 14, 2020.
  4. ^ "Max Sweig, 54". The New York Times. December 1, 1937. p. 23. Retrieved December 2, 2020.
  5. ^ "The merge of Kinney Service & National Cleaning". Newspaper.com. Chicago Tribune. September 14, 1966. Retrieved November 8, 2020.
  6. ^ KINNEY SERVICE PLANS EXPANSION; Proposing a Merger With National Cleaning
  7. ^ a b Connie Bruck (2013). Master of the Game: Steve Ross and the Creation of Time Warner. New York: Simon and Schuster. ISBN 9781476737706. Retrieved August 30, 2015.
  8. ^ "Kinney National recalled as Kinney Services". Newspaper.com. The Evening Sun. February 17, 1971. Retrieved November 8, 2020.
  9. ^ World of Business The Courier-News
  10. ^ The Emergence of Cinema
  11. ^ Sandgate in Kinney Deal
  12. ^ National News
  13. ^ Market Briefs National Post
  14. ^ Ashley Named Chief of Warner-7 Arts
  15. ^ "Warner Bros. Drops Name of Seven Arts". Newspaper.com. Valley Times. December 16, 1969. Retrieved September 12, 2019.
  16. ^ SOUTHWEST IN BID FOR RIEGEL PAPER June 10, 1971
  17. ^ COLGATE IN OFFER FOR KENDALL CO. October 13, 1971
  18. ^ Kinney‐TVC Terms Shift November 23, 1971
  19. ^ New York Times: "Milstein Opens Throttle as Builder" October 18, 1981
  20. ^ Kinney Changes Name