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BUSINESS
October 2, 1987 | Associated Press
CBS Inc. said Thursday that it will further study the options for its records group, which has reportedly attracted a sizable purchase offer from Sony Corp. CBS said its board, which met informally for three hours to discuss the matter, would consider it further at a regularly scheduled meeting Oct. 14. Separately, CBS said it had completed the previously announced sale of its magazine group for $650 million in cash to a group led by the unit's senior management.
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BUSINESS
November 15, 1990 | JUBE SHIVER Jr., TIMES STAFF WRITER
Pop superstar Michael Jackson has dispatched his legal representative to New York to nail down the final details of a revised contract with CBS Records that is expected to be the most lucrative in music history. Jackson lawyer Bertram Fields went to New York this week to join the singer's primary contract negotiator--New York attorney Allen Grubman--who is seeking to secure from CBS Records a special production arrangement for Jackson as well as royalties of more than $2.
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NEWS
December 23, 1987 | United Press International
Sony Corp. said today it has received approval from both the U.S. and Japanese governments for its purchase of the CBS Records Group, the world's largest record company. Japan's leading electronics and audio-visual equipment manufacturer announced in November it had reached agreement with CBS Inc. to purchase its records group for $2 billion.
BUSINESS
September 17, 1987 | WILLIAM K. KNOEDELSEDER Jr., Times Staff Writer
CBS issued a terse, two-sentence statement Wednesday saying it had received a "further expression of interest" in a possible purchase of its CBS Records Group from Japanese electronics manufacturer Sony. CBS spokeswoman Alice Henderson said: "The board met informally to consider the matter, but no action was taken. Right now there are no further board meetings scheduled before the regular monthly meeting Oct. 14." Sources close to the situation said CBS Chief Executive Laurence A.
BUSINESS
December 24, 1987 | WILLIAM K. KNOEDELSEDER Jr., Times Staff Writer
Sony Corp. has received U.S. and Japanese government approval for its $2-billion purchase of CBS Records Group, clearing the way for the Japanese electronics giant to become the world's largest record company next month. Sony and CBS Inc. announced Nov. 18 that they had reached an agreement on the deal, subject to approval by the U.S. Federal Trade Commission and Japan's Ministry of Finance. Sony said Wednesday that both agencies approved the sale this week and the deal would close Jan. 5.
BUSINESS
October 15, 1987 | WILLIAM K. KNOEDELSEDER Jr., Times Staff Writer
CBS Inc. announced Wednesday that its board of directors made no decision about whether to sell CBS Records Group to Sony Corp., which has offered a reported $2 billion for the division. The company said it is "continuing to explore alternate ways to maximize the short- and long-term shareholder values in its records operations." According to sources, CBS President and Chief Executive Laurence A. Tisch has been in favor of unloading the record operation, while CBS founder and Chairman William S.
BUSINESS
May 20, 1988 | WILLIAM K. KNOEDELSEDER Jr., Times Staff Writer
CBS Inc. has sued the two top executives of its former record division, CBS Records Group, for allegedly mismanaging funds in the days before the division was sold to Sony Corp. for $2 billion last December. Filed in New York Supreme Court, the CBS suit names Walter Yetnikoff, president and chief executive of the now Sony-owned CBS Records Inc., and Seymour Gartenberg, executive vice president of the company.
BUSINESS
September 12, 1987 | WILLIAM K. KNOEDELSEDER Jr., Times Staff Writer
CBS confirmed Friday that Sony has asked whether the broadcast company is interested in selling all or part of its CBS Records Group, the world's largest purveyor of recorded music. In a statement issued in response to press reports, CBS said it "will consider and respond to Sony's inquiry in due course," but that "no negotiations are now under way" to sell its record operations. It declined to comment further. A spokesman for Sony told Reuters: "We're not in a position to say anything about it."
BUSINESS
November 19, 1987 | PAUL RICHTER and WILLIAM K. KNOEDELSEDER Jr., Times Staff Writers
Ending months of on-again, off-again negotiations and widespread Wall Street speculation, CBS Inc. announced late Wednesday afternoon that it has reached an agreement to sell its record division to Sony Corp. "The Sony board in Tokyo and CBS board in New York approved the sale of the record division for $2 billion in cash. It was unanimous," said CBS President and Chief Executive Laurence A.
ENTERTAINMENT
October 4, 1990 | CHUCK PHILIPS, TIMES STAFF WRITER
Rock music is back in the courtroom--on death charges. Six weeks after the British rock group Judas Priest was absolved of causing the suicide-related deaths of two Sparks, Nev., youths, fellow British rocker Ozzy Osbourne faces similar charges in Macon, Ga.
BUSINESS
September 13, 1990 | JOHN LIPPMAN and JUBE SHIVER Jr., TIMES STAFF WRITERS
Walter R. Yetnikoff, the colorful former chief executive of CBS Records who suddenly stepped aside earlier this month, has been ordered not to trespass on CBS Inc. property and forbidden to visit CBS Records employees at the company's headquarters in New York. Security guards at CBS headquarters in New York have been instructed not to let Yetnikoff in the building or allow him access to CBS Records materials or files, insiders said. The request is said to have been made to CBS Inc. by Sony Corp.
BUSINESS
September 5, 1990 | JUBE SHIVER Jr., TIMES STAFF WRITER
Walter R. Yetnikoff, the volatile and embattled chief executive of CBS Records, went on an abrupt "sabbatical" Tuesday and said he would accelerate his plans to step down as head of the company that he helped catapult to the top of the music charts. Yetnikoff, who ran CBS Records for 15 years and engineered its $2-billion sale to Sony Corp. in 1988, said that, after a few months' leave, he will work on long-term projects "affecting the future growth of Sony."
ENTERTAINMENT
September 1, 1990 | From Associated Press
Attorneys for the families of two youths who attempted suicide after listening to an album by the British rock band Judas Priest say they will challenge a judge's ruling that absolved the group of responsibility. Attorney Vivian Lynch said that she and co-counsel Ken McKenna would file post-trial motions by Tuesday to challenge the court's decision. "These usually aren't granted and, if not, I will appeal" to the Nevada Supreme Court, said Lynch, who represented one of the families.
ENTERTAINMENT
August 25, 1990 | CHUCK PHILIPS, TIMES STAFF WRITER
Two young men did not kill themselves because they heard alleged subliminal messages in the heavy metal music of Judas Priest, a judge in Reno, Nev., ruled on Friday. Judas Priest vocalist Rob Halford called the ruling a victory for rock 'n' roll. "It's a great day for Judas Priest. It's a great day for heavy metal and artistic expression," Halford said in a telephone interview from Mexico, where he is vacationing.
ENTERTAINMENT
August 25, 1990 | CHUCK PHILIPS, TIMES STAFF WRITER
Friday's Judas Priest verdict--which absolved the British heavy metal quintet and their record company, CBS Records, from responsibility for the suicide attempts of two Nevada youths--is being perceived by the music industry as a Pyrrhic victory at best. Industry observers expressed concerns that the costly legal battle preceding the ruling may have intensified the debate over artistic expression.
BUSINESS
October 19, 1987 | JAY SHARBUTT, Times Staff Writer
CBS Inc. will decide soon if it will sell all or part of the CBS Records Group or keep that division in its present form, Laurence A. Tisch, the company's president, said Friday. "It's all under review," he said in a brief phone interview. "We're looking at all our options, and I'm sure the board will come up with a decision on that within the next month or so."
BUSINESS
October 28, 1987 | WILLIAM K. KNOEDELSEDER Jr., Times Staff Writer
CBS Inc. and Sony Corp. finally confirmed Tuesday what has been widely reported for several months--that the two companies are discussing the possible sale of CBS Records Group to the Japanese electronics manufacturer. In a two-sentence statement, CBS said the price being discussed was $2 billion. Sony said its previous offer--also reportedly $2 billion--was terminated following the CBS board meeting Oct.
BUSINESS
August 18, 1990 | JUBE SHIVER Jr., TIMES STAFF WRITER
Walter R. Yetnikoff, the volatile chief executive of CBS Records, will curtail his management role at the label he helped catapult to the top of the music charts. After running CBS Records for 15 years and engineering its $2-billion sale to Sony Corp. in 1989, Yetnikoff has signed a new multimillion-dollar contract that calls for him to leave in two years and become a consultant to the company.
ENTERTAINMENT
August 11, 1990 | CHUCK PHILIPS, TIMES STAFF WRITER
The judge's verdict is all that remains in the multimillion-dollar product-liability suit against the British rock group Judas Priest after final arguments were concluded Friday in a Reno courtroom. Washoe District Judge Jerry Carr Whitehead said he expects to issue his ruling by Friday. The unprecedented product-liability lawsuit, which charges the heavy-metal quintet with causing the suicide attempts of two Sparks, Nev., youths in 1985, has drawn international attention.
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