Word: annenberg
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...Philadelphia this week, Publisher Walter H. Annenberg, 45, of the Inquirer (circ. 643,985) announced a new venture in a new field. For a reported $250,000, he bought the title "Quick" from Publisher Gardner ("Mike") Cowles, who folded his pocket-size weekly last month (TIME, April 27). In mid-September, Annenberg will put on the newsstands a brand-new Quick-a Reader's Digest-sized fortnightly news-and-picture magazine with such contributors as Christian Science Monitor Editor Erwin Canham and Radio's Martha (Meet the Press) Rountree. By printing Quick on the Inquirer...
This is the second new venture for Publisher Annenberg in six months. Last January, he paid close to $1,000,000 for Manhattan's TV Guide, now puts out 14 regional editions for major cities all over the U.S. Primarily a detailed program listing, TV Guide also runs articles and features, has done well enough since it started to help finance its own expansion...
...Plaque. Of his $25 million publishing empire (Annenberg's conservative estimate), which also includes Seventeen, Daily Racing Form, Morning Telegraph and Official Detective Stories, Annenberg says proudly: "Everything's in the black." He runs the empire from his cavernous, richly decorated Inquirer office, where he sits in front of a small bronze plaque engraved with the words: "Cause my works on earth to reflect honor on my father's memory." One memory of his father, the late Moses L. ("Moe") Annenberg, that lingers in U.S. history is a three-year prison term for evading...
Fully confident that his only son would carry on after his death, Moe Annenberg (who also had seven daughters) paid more than $13 million in 1936 for the respectable Philadelphia Inquirer. Walter, who went to the University of Pennsylvania's Wharton School of Finance, started out with his father in the bookkeeper's office, countersigning checks so that he could see where the money went. When Moe Annenberg bought the Inquirer, Walter became his father's assistant to learn his editorial and circulation tricks. Walter, who still knew more about art than the newspaper business, suggested that...
Start & Stop. When Moe Annenberg was sent to prison in 1940 (he died a month after his parole in 1942) and Walter had to take charge, he quickly proved that he knew the difference between Matisse and Adams. Against the stiff competition of Robert McLean's Evening Bulletin (circ. 693,104-"In Philadelphia nearly everybody reads the Bulletin"), he kept the Inquirer growing, started Seventeen, a fashion magazine for teenagers. (He also decided that two movie magazines, Radio Guide and Click, a picture magazine, ate up more hard-to-get paper than they were worth, killed them.) While...