Kinney National Company — BrandWiki

Kinney National Company

Overview

Kinney Services Inc.

former name	Kinney Service Corporation (1961–1966) Kinney National Service Inc. (1966–1971) Kinney Services Inc. (1971–1972)
type	Public
traded as	(1962–1966) (1966–1972)
foundation	December 26, 1961 (as Kinney Service Co.) August 12, 1966 (as Kinney National Service)
defunct	August 12, 1966 (merger with National Cleaning) February 10, 1972 (renamed to Warner Communications)
fate	Merger and incorporation as Kinney National Service Inc.; reincorporation as Warner Communications Inc. in 1972
predecessor	Kinney Parking System (1945–1961) National Cleaning Contractors Inc. (1886–1966)
successor

Kinney Services Inc. (originally Kinney National Service, Inc.) was an American media conglomerate and holding company located in New York City. It was formed through the merger of Kinney Service Corporation (founded December 1961) and National Cleaning Contractors, Inc (established 1886).[1] Kinney Services oversaw numerous service companies including funeral homes, parking facilities, and maintenance firms. By the late 1960s, Kinney National pivoted to entertainment after several media acquisitions, most notably Warner Bros.-Seven Arts.[2] In 1971, Kinney National separated its non-media divisions to National Kinney Corporation (a separate company) and reincorporated as Warner Communications.

Pivot to entertainment

Service industry and media acquisitions

Kinney Service Corporation took its new name on August 12, 1966,[14] as Kinney National Service, Inc., after completing its merger with National Cleaning Contractors Inc. William V. Frankel joined Kinney as its Chairman, while Edward stepped down to become Vice-Chairman.

Kinney National Service (National was removed from the company name in February 1971[15]) engaged in a string of high-profile media acquisitions along with a multitude of service-related acquisitions:

In 1967, Kinney National acquired Star Circle Wall Systems, Inc., and Hudson Painting and Decorating
In the same year, Kinney also acquired Circle Floor Co., Inc. (managed by Paul Milstein and Seymour Milstein). The Milsteins would join Kinney as executives.[16] Kinney acquired multiple service companies in 1967. These included Schatz Painting Company, Circle Acoustics Corporation, the Star Carpentry Companies, and Wachtel Plumbing Company.
On July 21, 1967, Kinney National expanded by acquiring National Periodical Publications (predecessor to DC Comics) which owned the Mad magazine of E. C. Publications, Inc. The acquisition was completed on August 25 of the same year for $30 Million
On November 13, 1967, Kinney National bought Hollywood talent agency Ashley-Famous for $12 Million.[17] Ted Ashley (the founder of 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 month.[18]
In February 1968, Kinney acquired Panavision, Inc.
In late 1968, Kinney National announced its interest in acquiring the Hackensack Trust Company for $23 million.[19]
On January 28, 1969, it was announced that Kinney National would acquire Warner Bros.-Seven Arts, Ltd.[20] The acquisition was completed on July 4, 1969, for a $400 million deal.[21] On April 20, Ashley-Famous was sold because of existing antitrust laws prohibiting a company from owning both a production studio and a talent agency. After bidding war with the Commonwealth United Entertainment in late spring of 1969, Kinney National acquired Warner Bros.-Seven Arts, Ltd.[22] In August, Ted Ashley became chief of the film company.[23] On December 16, Warner Bros.-Seven Arts Inc. was rebranded as Warner Bros. Inc.[24] Beginning with the unexpected success of the concert documentary Woodstock (1970), Warner Bros. started scoring box office hits again and became a major studio.
Kinney National acquired 99% of Hackensack Trust Bank between January and February 1969. Following this acquisition, Charles A. Agemian was elected a Director of Kinney National (a position he retained with Warner Communications)[25]
In May 1970, Kinney National acquired Coronet Communications Inc., publisher of Coronet and the Paperback Library.[26]
In 1970, Kinney National bought Jac Holzman's Elektra Records and Nonesuch Records. In the same year, Kinney National signed a lease to the 75 Rockefeller Plaza (known as the Esso Building during development). Kinney moved to the building in 1973 after it became Warner Communications.
Kinney System Inc. acquired Katz Parking in 1970 and its President, Daniel Katz, became CEO of Kinney System. Caesar Kimmel transferred complete control of Kinney System to Daniel by 1972. Daniel would oversee Kinney System until committing suicide in 1987.[27] Lewis Katz succeeded Daniel as President and would continue overseeing it until the 1990s.
In February 1971, Kinney National changed its name to Kinney Services Inc.
In June 1971, Kinney Services sold all its funeral businesses to Service Corporation International for $30 million.
On November 22, 1971, Kinney Services also bought Television Communications Corporation (which was renamed as Warner Cable in 1973), including its recording studio operations of 1,210,500 common shares. Warner Cable would go on to become Time Warner Cable and was later acquired by Charter Communications and rebranded as Spectrum.[28][29]