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Ackerley Ventures Inc history
Ackerley Ventures Inc company history timeline
Golden West, under Ackerley's management, operated properties in Sacramento, California, and in Colorado until 1974, when Ackerley purchased his partner's share in the company and then sold the billboards in Sacramento, thereby becoming the sole owner of the Colorado market.
With the money garnered from the sale to Gannett, Ackerley, after a brief return to the Northeast to work for an advertising firm, relocated to Seattle, Washington, in 1975 and purchased Seattle-based Foster & Kleiser from Metromedia Inc. and Obie Outdoor Advertising based in Eugene, Oregon.
In 1980, he purchased Hart Advertising Company, a St Louis-based operator of airport advertising displays.
Before the end of 1983, the company purchased yet another television station, KPWR-TV, since renamed KGET, the NBC-TV affiliate in Bakersfield, California.
By the end of 1983, Ackerley Communications owned television stations affiliated with each major television network, 11,000 billboard displays in Washington, Oregon, Florida, and Massachusetts, and advertising displays in 86 airport terminals.
Following the purchase of the Seattle SuperSonics, Ackerley acquired his first radio station, KJR-AM, in May 1984 for $5.8 million.
The newspapers were sold to Gannett Company, publisher of USA Today and the owner of a vast number of billboard displays, for $200 million in early 1985.
With this strategy driving the company's acquisitions, Ackerley purchased KCBA-TV, an independent station affiliated with the Fox Broadcasting network and serving Salinas-Monterey, California, in 1986.
By this time, the company's aggressive expansion had produced a large debt--$222 million at the end of 1989--but this was nothing new for Ackerley Communications.
In 1990, Ackerley Communications recorded a loss of $14.5 million, and by the following year the figure had increased to $39.1 million.
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