Kinney National Company
From Open Encyclopedia
Kinney National Company was formed in 1966 when the Kinney Parking Company and the National Cleaning Company merged. The new company was headed by Steve Ross.
Kinney National expanded in 1967 by acquiring DC Comics, All-American Comics and Hollywood talent agency Ashley-Famous. Ted Ashley (from Ashley-Famous) suggested to Ross that he buy out the cash-stripped film company Warner Bros.-Seven Arts. When the acquisition of Warner Bros.-Seven Arts was completed in 1969, Ashley-Famous was sold because of anti-trust laws prohibiting a company from owning both a production studio and a talent agency. Ted Ashley was put in charge of the movie studio. Beginning with the unexpected success of the concert documentary Woodstock (1970), the company started scoring box office hits again, reestablishing Warner Bros as a major studio. In 1970, Kinney National bought Jac Holzman's Elektra Records and Nonesuch Records.
Due to a financial scandal over its parking operations Kinney National spun off its non-entertainment assets in 1972 and changed its name to Warner Communications Inc. with Steve Ross as the company's sole CEO, president and chairman.
