United Paramount Theatres
| Public corporation | |
| Industry | Entertainment |
| Predecessor | Paramount Publix Corporation |
| Successors | Capital Cities/ABC |
| Founded | November 15, 1949 |
| Defunct | July 24, 1989 |
| Headquarters | 1501 Broadway, New York City, US |
| Revenue |
 US$194.7 million (1955) |
|
US$191.6 million (1955) |
|
|
US$8.2 million (1955) |
|
| Total assets |
 US$103.9 million (1955) |
| Total equity |
US$81.4 million (1955) |
| Owner | Edward J. Noble (10% common, 55% preferred) |
| Divisions |
|
| Subsidiaries |
|
|
Footnotes / references |
|
American Broadcasting-Paramount Theatres, Inc. (originally United Paramount Theatres, later the American Broadcasting Companies and ABC Television) was the post-merger parent company of the American Broadcasting Company and United Paramount Theatres.
United Paramount Theatres, Inc. (UPT) was incorporated on November 15, 1949, as a spin off of Paramount Pictures' movie theater operations pursuant to the Supreme Court anti-trust ruling in United States v. Paramount Pictures, Inc.. UPT took over Paramount's theater chains, which included Balaban and Katz, a Chicago-based circuit that also included some broadcasting interests. 800 of the 1,450 Paramount theaters were to be divested. A court appointed trustee would control UPT stock for five years to ensure separate ownership of the two businesses. Paramount stockholders were to receive stock in both companies, with a conversion provision that would allow a shareholder to exchange its stock in one successor into the other company's stock.Leonard Goldenson, who had headed the theater chain since 1938, remained as UPT's president. With the American Broadcasting Company (ABC) looking to enter television, UPT had the cash from the divested theaters and was looking to invest that money elsewhere. It was barred from film making. ABC also considered International Telephone & Telegraph and General Tire, before accepting UPT's offer.
In 1950, UPT acquired a 1/3 share of Microwave Associates, Inc., a consulting and research company for millimeter-wave technology.
American Broadcasting-Paramount Theatres, Inc. (AB-PT) became the name of United Paramount Theatres, Inc. on February 9, 1953 to reflect its post merger status as the parent company of the merged companies, American Broadcasting Company and United Paramount Theatres. The Federal Communication Commission approved the merger that same day. Leonard H. Goldenson continued as corporate president post merger with ABC president Robert E. Kintner continuing as ABC division president. No general theater division similar to the ABC division was set up as AB-PT corporate would handle overall theater planning and development. ABC division was slated to move out of the RCA Building to 7 W. 66th Street, New York City by April 1. The sale of WBKB (TV) in Chicago to CBS for $6 million was also approved by the FCC.
...
Wikipedia