Kinney National Company
Corporate Merger and Restructuring
CLASSIFICATION: Financial Crime
LOCATION
New York City, New York
TIME PERIOD
1961-1972
VICTIMS
0 confirmed
On August 12, 1966, Kinney National Company, originally established as Kinney Service Corporation in 1961, underwent a significant corporate merger with National Cleaning Contractors, resulting in its rebranding as Kinney National Service Inc. The company, founded by Steve Ross and William V. Frankel, was based in New York City and primarily operated in the service industries, including funeral homes and parking facilities, before pivoting towards mass media through acquisitions such as Warner Bros.-Seven Arts. By February 10, 1972, Kinney National Service was restructured and reincorporated as Warner Communications Inc., marking the end of its operations as a standalone entity. Key figures involved in the company included Steve Ross as President and William V. Frankel as Chairman, with the company ultimately dissolving its non-media businesses into a separate entity, National Kinney Corporation. The case is currently closed following the successful merger and subsequent corporate restructuring.
Community analysis and theories will be displayed here when available.
The Rise and Transformation of Kinney National Company
Origins and Early Developments
In the bustling heart of New York City, a conglomerate known as Kinney National Company carved its niche, evolving from humble beginnings into a media powerhouse. Initially established as Kinney Service Corporation on December 26, 1961, the company was the brainchild of Steve Ross and William V. Frankel. It was born from the merger of several service-related enterprises, including funeral homes, parking facilities, and maintenance firms. By 1962, Kinney Service Corporation had gone public, traded under the symbol KSR on the New York Stock Exchange, marking the start of its ambitious journey.
Riverside Memorial Chapel
The roots of this conglomerate trace back to Riverside Memorial Chapel, founded in 1897 by Louis Meyer and his son-in-law Charles Rosenthal. Originally known as Meyer's Livery Stable, this enterprise moved across Manhattan before settling on the Upper West Side in 1927. Under the management of Charles Rosenthal and later his sons, Edward and Morton Rosenthal, Riverside Chapel expanded, becoming the largest funeral service group in the United States by the 1950s.
Kinney Parking System
Simultaneously, another seed was being planted in the form of Kinney Parking System, incorporated in 1945 by Manny Kimmel. This company grew to become the largest parking operator in the Northeastern United States, managing extensive parking facilities in New York and New Jersey. However, Manny Kimmel's legacy was shrouded in controversy, with alleged ties to racketeering during the Prohibition era and connections to notorious mafia figures.
Steve Ross: The Visionary
Steve Ross, born on April 5, 1925, in Brooklyn, New York, emerged as a pivotal figure in this corporate saga. Following his military service, he ventured into the clothing sales business, but it was his marriage to Carol Rosenthal in 1954 that set him on a new path. Dissatisfied with his job, Ross joined Riverside Chapel as a funeral director, where he demonstrated an uncanny knack for innovation. His proposal to rent out unused limousines led to the creation of Abbey Rent-A-Car in 1958, though this venture was short-lived.
In 1960, a meeting with Caesar Kimmel, President of Kinney Parking System, resulted in a strategic alliance. The rebranded Kinney Rent-A-Car offered free parking at Kinney facilities, but financial losses persisted. Recognizing a need for consolidation, Ross, Kimmel, and Edward Rosenthal orchestrated a merger that formed Kinney Service Corporation, with Ross as President and Kimmel as Vice-President.
Expansion into Media
Under Steve Ross's leadership, Kinney Service Corporation aggressively expanded, acquiring National Cleaning Contractors in 1966 and rebranding as Kinney National Services Inc. This strategic move laid the foundation for the company's venture into mass media. By 1967, Kinney National had acquired National Periodical Publications, the precursor to DC Comics, and soon after, the Hollywood talent agency Ashley-Famous. This acquisition paved the way for the purchase of Warner Bros.-Seven Arts, solidifying Kinney National's presence in the entertainment industry.
The Rise of Warner Communications
The crescendo of Kinney's transformation came in 1971 when the company spun off its non-entertainment assets into National Kinney Corporation. The remaining entity reincorporated as Warner Communications Inc. on February 10, 1972, with Steve Ross at the helm as the sole CEO, President, and Chairman. This reorganization marked the birth of a media giant, synonymous with cinematic and musical triumphs, beginning with the success of the concert documentary "Woodstock" in 1970.
Conclusion
The story of Kinney National Company is one of transformation, from a collection of service-oriented businesses to a formidable force in the media landscape. Steve Ross's vision and strategic acumen guided this evolution, culminating in the creation of Warner Communications, a testament to the power of innovation and ambition in the corporate world.
Sources
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Kinney Service Corporation Founded
Kinney Service Corporation is established through a merger of several companies, including Riverside Memorial Chapel.
Kinney Goes Public
Kinney Service Corporation officially goes public on the American Stock Exchange under the ticker symbol KSR.
Merger with National Cleaning
Kinney Service Corporation merges with National Cleaning Contractors, becoming Kinney National Service Inc.
Acquisition of DC Comics
Kinney National acquires National Periodical Publications, which includes DC Comics.
Acquisition of Warner Bros.
Kinney National announces the acquisition of Warner Bros.-Seven Arts, completing the deal on July 4.
Sale of Riverside Memorial Chapel
Kinney sells Riverside Memorial Chapel to Service Corporation International, marking a shift in focus.
Formation of National Kinney Corporation
Kinney National spins off its non-entertainment assets to form National Kinney Corporation.
Renamed Warner Communications
Kinney National Service Inc. is renamed Warner Communications Inc. following corporate restructuring.
On August 12, 1966, Kinney National Company, originally established as Kinney Service Corporation in 1961, underwent a significant corporate merger with National Cleaning Contractors, resulting in its rebranding as Kinney National Service Inc. The company, founded by Steve Ross and William V. Frankel, was based in New York City and primarily operated in the service industries, including funeral homes and parking facilities, before pivoting towards mass media through acquisitions such as Warner Bros.-Seven Arts. By February 10, 1972, Kinney National Service was restructured and reincorporated as Warner Communications Inc., marking the end of its operations as a standalone entity. Key figures involved in the company included Steve Ross as President and William V. Frankel as Chairman, with the company ultimately dissolving its non-media businesses into a separate entity, National Kinney Corporation. The case is currently closed following the successful merger and subsequent corporate restructuring.
Community analysis and theories will be displayed here when available.
The Rise and Transformation of Kinney National Company
Origins and Early Developments
In the bustling heart of New York City, a conglomerate known as Kinney National Company carved its niche, evolving from humble beginnings into a media powerhouse. Initially established as Kinney Service Corporation on December 26, 1961, the company was the brainchild of Steve Ross and William V. Frankel. It was born from the merger of several service-related enterprises, including funeral homes, parking facilities, and maintenance firms. By 1962, Kinney Service Corporation had gone public, traded under the symbol KSR on the New York Stock Exchange, marking the start of its ambitious journey.
Riverside Memorial Chapel
The roots of this conglomerate trace back to Riverside Memorial Chapel, founded in 1897 by Louis Meyer and his son-in-law Charles Rosenthal. Originally known as Meyer's Livery Stable, this enterprise moved across Manhattan before settling on the Upper West Side in 1927. Under the management of Charles Rosenthal and later his sons, Edward and Morton Rosenthal, Riverside Chapel expanded, becoming the largest funeral service group in the United States by the 1950s.
Kinney Parking System
Simultaneously, another seed was being planted in the form of Kinney Parking System, incorporated in 1945 by Manny Kimmel. This company grew to become the largest parking operator in the Northeastern United States, managing extensive parking facilities in New York and New Jersey. However, Manny Kimmel's legacy was shrouded in controversy, with alleged ties to racketeering during the Prohibition era and connections to notorious mafia figures.
Steve Ross: The Visionary
Steve Ross, born on April 5, 1925, in Brooklyn, New York, emerged as a pivotal figure in this corporate saga. Following his military service, he ventured into the clothing sales business, but it was his marriage to Carol Rosenthal in 1954 that set him on a new path. Dissatisfied with his job, Ross joined Riverside Chapel as a funeral director, where he demonstrated an uncanny knack for innovation. His proposal to rent out unused limousines led to the creation of Abbey Rent-A-Car in 1958, though this venture was short-lived.
In 1960, a meeting with Caesar Kimmel, President of Kinney Parking System, resulted in a strategic alliance. The rebranded Kinney Rent-A-Car offered free parking at Kinney facilities, but financial losses persisted. Recognizing a need for consolidation, Ross, Kimmel, and Edward Rosenthal orchestrated a merger that formed Kinney Service Corporation, with Ross as President and Kimmel as Vice-President.
Expansion into Media
Under Steve Ross's leadership, Kinney Service Corporation aggressively expanded, acquiring National Cleaning Contractors in 1966 and rebranding as Kinney National Services Inc. This strategic move laid the foundation for the company's venture into mass media. By 1967, Kinney National had acquired National Periodical Publications, the precursor to DC Comics, and soon after, the Hollywood talent agency Ashley-Famous. This acquisition paved the way for the purchase of Warner Bros.-Seven Arts, solidifying Kinney National's presence in the entertainment industry.
The Rise of Warner Communications
The crescendo of Kinney's transformation came in 1971 when the company spun off its non-entertainment assets into National Kinney Corporation. The remaining entity reincorporated as Warner Communications Inc. on February 10, 1972, with Steve Ross at the helm as the sole CEO, President, and Chairman. This reorganization marked the birth of a media giant, synonymous with cinematic and musical triumphs, beginning with the success of the concert documentary "Woodstock" in 1970.
Conclusion
The story of Kinney National Company is one of transformation, from a collection of service-oriented businesses to a formidable force in the media landscape. Steve Ross's vision and strategic acumen guided this evolution, culminating in the creation of Warner Communications, a testament to the power of innovation and ambition in the corporate world.
Sources
No Recent News
No recent news articles found for this case. Check back later for updates.
No Evidence Submitted
No evidence found for this case. Be the first to submit evidence in the comments below.
Join the discussion
Loading comments...
Kinney Service Corporation Founded
Kinney Service Corporation is established through a merger of several companies, including Riverside Memorial Chapel.
Kinney Goes Public
Kinney Service Corporation officially goes public on the American Stock Exchange under the ticker symbol KSR.
Merger with National Cleaning
Kinney Service Corporation merges with National Cleaning Contractors, becoming Kinney National Service Inc.
Acquisition of DC Comics
Kinney National acquires National Periodical Publications, which includes DC Comics.
Acquisition of Warner Bros.
Kinney National announces the acquisition of Warner Bros.-Seven Arts, completing the deal on July 4.
Sale of Riverside Memorial Chapel
Kinney sells Riverside Memorial Chapel to Service Corporation International, marking a shift in focus.
Formation of National Kinney Corporation
Kinney National spins off its non-entertainment assets to form National Kinney Corporation.
Renamed Warner Communications
Kinney National Service Inc. is renamed Warner Communications Inc. following corporate restructuring.