Kinney National Company

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Kinney National Services, Inc.
IndustryEntertainment
FateCorporate spin-off
PredecessorKinney Parking Company
National Cleaning Contractors, Inc.
SuccessorsWarner Communications
National Kinney Corporation
FoundedAugust 12, 1966
FounderSteve Ross
DefunctFebruary 10, 1972
Headquarters
New York City
,
ProductsParking services
Cleaning services
Film
Television
Music
Magazine
Divisions

Kinney National Services, Inc. (sometimes, Kinney Services, Inc.) was an American conglomerate company from 1966 to 1972. Its successors were National Kinney Corporation and Warner Communications.

History[edit]

It was formed on August 12, 1966[1] as Kinney National Company, when the Kinney Parking Company and the National Cleaning Contractors, Inc. were merged[2]. The new company was headed by Steve Ross.[3]

In 1967, Kinney National expanded by acquiring National Periodical Publications (more commonly, but not yet officially, called DC Comics), E. C. Publications, Hollywood talent agency Ashley-Famous, and Panavision. Ted Ashley (from 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 year.[4]

On October 8, 1968, Kinney National sold Kinney System Rent-A-Car to Sandgate Corporation for about $11-million in cash and notes[5].

When the acquisition of Warner Bros.-Seven Arts was completed in 1969, Ashley-Famous was sold because of antitrust laws prohibiting a company from owning both a production studio and a talent agency. Ted Ashley was put in charge of the film 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 and creating the original Warner Cable Pictures, which was renamed Dimension Pictures in 1971.

In 1970, Kinney National bought Jac Holzman's Elektra Records and Nonesuch Records.

In 1971, Riverside Memorial Chapel's parent company Kinney Service Corporation was purchased by Service Corporation International.

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 sale.[6]

Financial scandal[edit]

Due to a financial scandal involving price fixing in its parking operations,[3] Kinney National spun off its non-entertainment assets on February 11, 1972 as the National Kinney Corporation, and renamed the remaining Kinney National Company as Warner Communications Inc.[7].

Steve Ross was the company's sole CEO, president, and chairman. Directors included Charles A. Agemian, the CEO of Garden State National Bank.

References[edit]

  1. ^ The merge of Kinney Service & National Cleaning
  2. ^ KINNEY SERVICE PLANS EXPANSION; Proposing a Merger With National Cleaning
  3. ^ a b Connie Bruck (2013). Master of the Game: Steve Ross and the Creation of Time Warner. New York: Simon and Schuster. ISBN 9781476737706. Retrieved 30 August 2015.
  4. ^ The Emergence of Cinema
  5. ^ Sandgate in Kinney Deal
  6. ^ New York Times: "Milstein Opens Throttle as Builder" October 18, 1981
  7. ^ Kinney Changes Name