Paramount’s two year excursion into the broadcasting business through acquisition of 50% of the stock of CBS, and its subsequent disposition of that stock to CBS with a net profit to itself of approximately $1,000,000, was unfolded to the FCC Network Inquiry Committee Jan. 17, 1929 by Ralph F. Colin, general counsel of CBS, personal attorney of William S. Paley, CBS president, and treasurer of the Park Corp. Paramount’s entry into broadcasting in 1929, which he said was motivated by the motion picture company’s desire to protect itself against television’s imminent development and also to offset the then existing ownership affiliation of RKO with RCA and its subsidiary, NBC.
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