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Time Publishing Ventures Inc history
Time Publishing Ventures Inc company history timeline
After 1820 cloth cases began to be used in place of leather, and increasingly the publisher issued his books already bound.
HBG’s long history dates back to 1837 and it continues to evolve and grow today:
When Harriet Beecher Stowe’s antislavery novel Uncle Tom’s Cabin came out in the United States in 1852, 1,500,000 copies rapidly appeared in England, some editions selling for sixpence.
Even more successful was Reclams Universal-Bibliothek, begun in 1867.
Least expensive was Cassell’s National Library (209 vol., 1886–90), bound in paper for threepence and in cloth for sixpence—that is, one-twelfth the price of the Bell set.
The first, 32-page, issue of Time was dated March 3, 1923.
On August 2, 1924, Luce and Hadden launched a second publication, the Saturday Review of Literature.
In 1925 Luce insisted that Time’s operations be moved to less-expensive facilities in Cleveland, Ohio—a move that Hadden and much of the publication’s staff bitterly but unsuccessfully fought.
By 1928 Time Inc. posted a net profit, after tax, of $125,788 on revenues of $1.3 million.
Fortune’s first issue, in February of 1930, won satisfying acceptance among its targeted audience.
In April 1932 Time Inc. acquired 75% of Architectural Forum.
In 1935 the “March of Time” format reappeared, as a motion picture series of short subjects.
Time subsequently brought pictures to print with the publication of Life, which first appeared in November 1936.
In 1936 Luce began to explore the concept of a weekly photo magazine.
In 1937 Luce created Time Inc.’s divisional system, the corporate organization that defined Time’s operations for decades.
In May of 1938 the company sought to relieve Time’s circulation problems with the $25,000 acquisition of Literary Digest.
Forum editor Howard Nyers cultivated young architects and, in 1938, Frank Lloyd Wright traveled to New York and produced an issue of Forum devoted to the subject of his works.
In 1938, on the news that Time Inc.’s earnings were forecasted to drop a record $2 million, Time’s publisher, Ralph Ingersoll, and Luce became embroiled in a fierce argument over the company’s earnings.
Life continued to lose money, a total of about $5 million, until January 1939, when the magazine turned its first profit.
In 1941 Time’s circulation was rapidly approaching one million.
Edward K. Thompson came up through the ranks to serve as managing editor of Life beginning in 1949.
In 1952 the company founded its Time-Life Broadcast subsidiary with a 50% interest in KOB and KOB-TV in Albuquerque, New Mexico.
In 1953 Time launched Life en Español, a companion to Life International.
In 1964 Hedley Donovan was appointed to succeed Luce as editor-in-chief.
In January of 1968 Time bought book publisher Little, Brown and Company for $17 million worth of Time stock.
Life en Español was suspended in 1969, however, and Life International was eliminated the following year.
In November 1972 Time’s J. Richard Munro, who eventually became Time Inc.’s chairman and chief executive officer, through the Time subsidiary Sterling Information Services, Ltd., launched the pay-TV service Home Box Office (HBO). HBO was one of Time’s few commercial successes.
In December 1972, however, Time announced it would cease publication of Life, which had faced soaring production costs, shrinking advertising sales and circulation, and postal rate increases.
The venture was to sell a variety of learning tools, and was sold in 1974 at a loss.
Time Warner CEO Gerald M. Levin launched the idea to distribute HBO in 1975 using satellites.
Time took another step toward diversification in 1978 when it acquired Inland Container Corporation for $272 million.
Time also sold off Scott, Foresman, its textbook publisher, in December 1989 for $455 million because it no longer fit into its core businesses.
Time Inc. and Warner Communications merged in 1989 to become Time Warner Inc.
Paramount, another movie studio, put in a bid for Time Inc. in 1989 when the merger was taking place.
Munro and Nicholas engaged in one-on-one consultation with each director to secure unanimous approval for the January 1990 transaction.
In late May 1991 Time Warner announced an unorthodox rights offering.
Feature Film Division finished first in 1991 domestic box-office share.
17 (April 27, 1992); “Time Warner refinances $6.2B Debt,” Multichannel News 13, no.
harris, kathryn. "time warner and turner: why levin is willing to risk everything for a deal?" fortune, 2 october 1995.
With the majority of its sales in the United States (75 percent in 1996), the company has stopped its merger efforts in order to concentrate on its many existing businesses.
Time Warner made investments and acquisitions that created an elite combination of journalistic franchises coupled with unbeatable global distribution networks. Its successful cross-promotion of the 1996 movie Space Jam and the Space Jam movie soundtrack has been an example of the internal corporate partnerships the company has entertained.
At the end of 1997, long-term debt stood at $12.6 million, for a debt ratio of 52.4 percent.
In fact, the company sold a portion of the E! Entertainment network and dumped its Interactive-TV Network in 1997.
Officers: Gerald M. Levin, Chmn. & CEO, 1997 salary $7,550,000; Robert E. "Ted" Turner III, Vice-Chmn., 1997 salary $6,050,000; Richard D. Parsons, Pres., 1997 salary $3,650,000; Richard J. Bressler, Sr.
schwartz, nelson d. "suddenly, jerry levin's stock is hot." fortune, march 1998.
In 1998, the pounding Levin had taken from analysts and Wall Street turned to praise.
Wall Street even predicted the company's growth to hit double digits by 1999 after the merger took place.
2001 Warner Faith, a Christian/inspirational imprint, is launched.
2006 TWBG is acquired by Hachette Livre and renamed Hachette Book Group USA. Warner Faith is renamed FaithWords.
The first list will appear in the Fall 2009 season.
2010HBG adopts the Agency Model of sales: as of April 1, 2010, all eBook titles published by HBG will be sold directly to consumers by means of third party agents.
2012 Grand Central Publishing announces the launch of Forever Yours, a new digital-only romance imprint, to begin publishing in February 2012.
HBG purchases adult trade publishing imprint, Hyperion, from The Walt Disney Company (deal closes 7/16/2013).
Little Brown and Company announces the creation of a new imprint, Lee Boudreaux Books, which will start publishing in 2015.
2016HBG acquires The Perseus Books Group, which becomes the Perseus Books division (deal closes 4/1/2016). Perseus adds five main imprints: Avalon Travel, Basic Books, Da Capo Press, PublicAffairs, and Running Press, as well as offices in Berkeley, CA; Boulder, CO; and Philadelphia, PA.
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