Kinney National Company
| Formerly | Kinney National Services Inc. (1966–1971) Kinney Services Inc. (1971–1972) |
|---|---|
| Industry | |
| Headquarters | , |
| Products | Parking services Cleaning services Film Television Music Magazine |
| Divisions |
|
| Subsidiaries | National Kinney Corporation |
Kinney Services Inc. was an American
History
Formation and expansion
The company was formed on August 12, 1966,[5] as Kinney National Services 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 Services (later, National was removed from the company title in February 1971[8]) was known for purchases and sales:
- On July 21, 1967, Kinney National expanded by acquiring E. C. Publications, Inc.The acquisition was completed on August 25 of the same year.
- On November 13, 1967, Kinney bought Hollywood talent agency Ashley-Famous.[9] Ted Ashley (the founder of Ashley-Famous) suggested to Ross that he buy out the cash-strapped film company Warner Bros.-Seven Arts, which had purchased Atlantic Records that same month.[10]
- In February 1968, Kinney acquired Panavision, Inc.
- On October 8 of the same year, Kinney National sold its subsidiary Kinney System Rent-A-Car to Sandgate Corporation for about $11 million in cash and notes.[11]
- On January 28, 1969, it was announced that Kinney National would acquire Warner Bros.-Seven Arts.Woodstock (1970), Warner Bros.started scoring box office hits again and became a major studio.
- In 1970, Kinney National bought Jac Holzman's Elektra Records and Nonesuch Records.
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 was 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 the sale.[19]
Financial scandal
Due to a financial scandal involving price fixing in its parking operations,[7] Kinney National spun off its non-entertainment assets on August 7, 1971 as the National Kinney Corporation, and renamed the remaining Kinney Services as Warner Communications Inc. on February 10, 1972.[20]
References
- ^ "Real Estate Record and Builders Guide". New York: F. W. Dodge Corp. August 28, 1915. p. 357. Retrieved February 26, 2021 – via Archive.org.
- ^ "Cleaning Up Sales Mount". The Palm Beach Post. March 20, 1966. Retrieved January 17, 2021 – via Newspapers.com.
- ^ 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.
- ^ "Max Sweig, 54". The New York Times. December 1, 1937. p. 23. Retrieved December 2, 2020.
- ^ "The merge of Kinney Service & National Cleaning". Chicago Tribune. Newspaper.com. September 14, 1966. Retrieved November 8, 2020.
- ^ Reckert, Clare M. (January 8, 1966). "KINNEY SERVICE PLANS EXPANSION; Proposing a Merger With National Cleaning". The New York Times. p. 33.
- ^ ISBN 9781476737706. Retrieved August 30, 2015.
- ^ "Kinney National recalled as Kinney Services". The Evening Sun. February 17, 1971. Retrieved November 8, 2020 – via Newspapers.com.
- ^ "World of Business". Courier News. November 13, 1967. p. 14.
- ISBN 9780684804637.
- ^ "Sandgate in Kinney Deal". The New York Times. October 1, 1968.
- The Los Angeles Times. February 25, 1969. p. 41.
- ^ "Market Briefs". National Post. July 19, 1969. p. 18.
- ^ "Ashley Named Chief of Warner-7 Arts". Valley Times. August 5, 1969. p. 2.
- ^ "Warner Bros. Drops Name of Seven Arts". Newspaper.com. Valley Times. December 16, 1969. Retrieved September 12, 2019.
- ^ Hammer, Alexander R. (June 10, 1971). "SOUTHWEST IN BID FOR RIEGEL PAPER". The New York Times.
- ^ "COLGATE IN OFFER FOR KENDALL CO". The New York Times. October 13, 1971.
- ^ Hammer, Alexander R. (November 23, 1971). "Kinney-TVC Terms Shift". The New York Times.
- ^ "Milstein Opens Throttle as Builder". The New York Times. October 18, 1981.
- ^ "Kinney Changes Name". Des Moines Tribune. February 11, 1972.
