Word: goldsmith
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Dates: during 1970-1979
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After an unsuccessful bid to buy the Sunday Observer, Goldsmith established a beachhead in British journalism last January by paying Press Baron Rupert Murdoch $3 million for 35% of the non-voting shares in London's Beaverbrook newspaper chain, which includes the ailing daily Express. Sunday Express and Evening Standard. Now Sir Jimmy has struck at the other end of his London-Paris axis: for $6 million he has purchased a 45% share in L'Express, France's largest newsweekly. The magazine's founder, gadfly Publisher-Politician Jean-Jacques Servan-Schreiber, and his family will retain...
...magazine's predictable politics and occasional drabness, some readers have shifted to a sprightly, aggressive rival, Le Point. While L 'Express still sells .twice as many copies as Le Point, circulation has slumped by some accounts from 614,000 in 1972 to about 555,000 today. Goldsmith's first priority at L'Express is to reverse the decline in circulation by restoring the journal's credibility and vigor. "My arrival liberates the magazine to be able to criticize," he says...
...part Goldsmith views L'Express as an opportunity to educate himself about publishing so that he can later apply what he learns in Britain. So far he has no editorial control over the Beaverbrook papers, but his nonvoting shares (which he recently increased by another 5%) could become enfranchised if a law affecting stock ownership and backed by both the Tory and Labor parties should be passed...
Welfare State. Goldsmith argues with messianic fervor that Britain, "the last bastion of genuine entrepreneurial capitalism," has strayed too far down the road toward welfare-state egalitarianism and has forgotten excellence, hard work and the need for a talented elite to run things if the economy is not to go smash. Should Britain's economy crash, Goldsmith feels, democracy would expire in the wreckage. Part of the trouble, he believes, is a "cancer in the British press eating away at its guts." This cancer causes the more strident popular journals to attack pillars of the British system from...
World Headlines. The son of the late Tory M.P. Frank Goldsmith, a Rothschild relative who owned hotels in France, Jimmy went to Eton, then turned playboy, gambling for high stakes at London's gaming tables. At 20. he made world headlines by eloping with Isabella Patiño, 18, daughter of Bolivian Tin King Antenor Patiño. After Isabella's sudden death from a cerebral hemorrhage in 1954, Jimmy bought a pair of pharmaceutical firms and went into business...