Kinney National Services, Inc.
was formed in 1966 when the Kinney Parking Company
and the National Cleaning Company
merged. The new company was headed by Steve Ross
.Master of the Game: Steve Ross and the Creation of Time Warner
by Connie Bruck
Kinney National expanded in 1967 by acquiring National Periodical Publications (more commonly, but not yet officially called DC Comics
), Hollywood talent agency Ashley-Famous
, and then Panavision
. Also that same year, Warner Bros.-Seven Arts purchased Atlantic Records
. Ted Ashley
(from Ashley-Famous) suggested to Ross that he buy out the cash-strapped 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 1971 (as National Kinney Corporation
) and changed its own name to Warner Communications Inc.
with Steve Ross
as the company's sole CEO, president and chairman. Directors included Charles A.......