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1 Japan's Daiwa Securities Co. named Masahiro Dozen president. 2 Mr. Dozen succeeds Sadakane Doi, who will become vice chairman. 3 Yoshitoki Chino retains his title of chairman of Daiwa, Japan's second-largest securities firm. 4 In Japanese firms, the president usually is in charge of day-to-day operations, while the chairman's role is more a ceremonial one. 5 The title of chief executive officer isn't used. 6 While people within Daiwa, particularly internationalists, expected that Mr. Dozen, 52, would eventually become Daiwa's president, the speed of his promotion surprised many. 7 It was only earlier this year that the jovial, easygoing executive -- he likes to joke with Americans about how his name is synonymous with twelve -- was appointed deputy president. 8 Mr. Dozen is taking over the reins of a securities company that does very well in its domestic market but that is still seeking to realize its potential in global investment banking and securities dealing. 9 Daiwa is one of the world's largest securities firms. 10 As of March 31, the Daiwa group had shareholder equity of 801.21 billion yen ($5.64 billion). 11 For the six months ended Sept. 30, Daiwa reported unconsolidated (parent company) net income of 79.03 billion yen ($556.5 million) on revenue of 332.38 billion yen ($2.34 billion). 12 Both figures were record highs. 13 Several observers interpreted Mr. Dozen's appointment as an attempt by Daiwa to make its international operations more profitable while preparing the firm for the effects of the continuing deregulation of Japan's domestic markets, which should mean increased competition. 14 All of Japan's so-called Big Four securities firms -- Nomura Securities Co. Ltd., the world's largest, Nikko Securities Co. Ltd., Yamaichi Securities Co. Ltd. and Daiwa -- have suffered setbacks in their attempts to break into foreign markets. 15 While they have moved to the fore in underwriting fixed-income securities in the Eurobond market -- mostly for Japanese firms -- they have been only marginally profitable, if at all, in the U.S. 16 American institutional investors have never had a large appetite for Japanese equities. 17 And while the Japanese have stepped up their purchases of U.S. shares in the past several months, they have shown themselves in the past to be fickle investors. 18 At the same time, Daiwa and its brethren have faced stiff competition from well-entrenched American competitors that have prevented them from building strong links to U.S. corporations and institutional investors. 19 Mr. Dozen knows these problems firsthand. 20 When he arrived in the U.S. in 1969 -- the start of an eight-year tour -- he tried selling Japanese yen-denominated bonds to U.S. investors. 'He made desperate efforts, using the yellow pages from beginning to end,' said Koji Yoneyama, president of Daiwa's U.S. unit. 'But not a single piece of paper was sold.' 21 By his own account, Mr. Dozen didn't do much better with U.S. bonds. 22 In an interview a few months ago, he recalled how after some training at Salomon Brothers Inc., he successfully bid for the opportunity to sell portions of 20 U.S. corporate bond issues. 23 But he couldn't sell any. 'Japanese stock salesmen selling American bonds? 24 Maybe it's crazy,' he said. 25 Mr. Dozen even related the indignity suffered when he and two colleagues went on an overnight fishing expedition off the New Jersey shore and caught nothing. 26 Upon returning to New York, 'Exhausted, I got into a taxicab, and the woman driver said: `Americans make better fishermen, '' he recalled. 27 Undaunted, Mr. Dozen said that Daiwa's goal is to build 'a high-technology oriented international organization with maybe some Japanese flavor to it.' 28 He said that he was particularly interested in his firm gaining expertise in futures, options, mortgaged-backed securities, computerized trading and investment systems as well as mergers and acquisitions. 29 Mr. Dozen said Daiwa's strengths were its large capital base, its influential position in the Tokyo market and its links to Japanese corporations and institutional investors. 30 Mr. Dozen joined Daiwa upon his graduation from Kyoto University in 1959. 31 Like many young recruits in Japanese securities firms, he began his career peddling stock to individual investors. 32 In his climb to the top, Mr. Dozen also headed the company's stock-exchange division, its fixed-income units and its international operations. 'He was constantly picking up new things to fill out his experience; he is very well-balanced,' said Takuro Isoda, chairman of Daiwa's U.S. unit in New York. 33 But it Mr. Dozen's experience as a salesman that enabled him to gain the political support -- particularly from the retail sales force -- to accede to the presidency. 34 Commission income from domestic stock and bond sales accounts form a large portion of Japanese securities companies' earnings. 35 And anybody who lacked the backing of the retail sales force 'would be fragile,' said a Daiwa executive. 36 If Mr. Dozen has a weakness, it may be his golf game. 'He digs in the sand instead of hitting the ball, like a farmer,' said Mr. Yoneyama.

Japan ' s Daiwa Securities Co . named Masahiro Dozen president .

named Masahiro Dozen president

Why has Dozen chosen to be president?

1 Japan's Daiwa Securities Co. named Masahiro Dozen president. 2 Mr. Dozen succeeds Sadakane Doi, who will become vice chairman. 3 Yoshitoki Chino retains his title of chairman of Daiwa, Japan's second-largest securities firm. 4 In Japanese firms, the president usually is in charge of day-to-day operations, while the chairman's role is more a ceremonial one. 5 The title of chief executive officer isn't used. 6 While people within Daiwa, particularly internationalists, expected that Mr. Dozen, 52, would eventually become Daiwa's president, the speed of his promotion surprised many. 7 It was only earlier this year that the jovial, easygoing executive -- he likes to joke with Americans about how his name is synonymous with twelve -- was appointed deputy president. 8 Mr. Dozen is taking over the reins of a securities company that does very well in its domestic market but that is still seeking to realize its potential in global investment banking and securities dealing. 9 Daiwa is one of the world's largest securities firms. 10 As of March 31, the Daiwa group had shareholder equity of 801.21 billion yen ($5.64 billion). 11 For the six months ended Sept. 30, Daiwa reported unconsolidated (parent company) net income of 79.03 billion yen ($556.5 million) on revenue of 332.38 billion yen ($2.34 billion). 12 Both figures were record highs. 13 Several observers interpreted Mr. Dozen's appointment as an attempt by Daiwa to make its international operations more profitable while preparing the firm for the effects of the continuing deregulation of Japan's domestic markets, which should mean increased competition. 14 All of Japan's so-called Big Four securities firms -- Nomura Securities Co. Ltd., the world's largest, Nikko Securities Co. Ltd., Yamaichi Securities Co. Ltd. and Daiwa -- have suffered setbacks in their attempts to break into foreign markets. 15 While they have moved to the fore in underwriting fixed-income securities in the Eurobond market -- mostly for Japanese firms -- they have been only marginally profitable, if at all, in the U.S. 16 American institutional investors have never had a large appetite for Japanese equities. 17 And while the Japanese have stepped up their purchases of U.S. shares in the past several months, they have shown themselves in the past to be fickle investors. 18 At the same time, Daiwa and its brethren have faced stiff competition from well-entrenched American competitors that have prevented them from building strong links to U.S. corporations and institutional investors. 19 Mr. Dozen knows these problems firsthand. 20 When he arrived in the U.S. in 1969 -- the start of an eight-year tour -- he tried selling Japanese yen-denominated bonds to U.S. investors. 'He made desperate efforts, using the yellow pages from beginning to end,' said Koji Yoneyama, president of Daiwa's U.S. unit. 'But not a single piece of paper was sold.' 21 By his own account, Mr. Dozen didn't do much better with U.S. bonds. 22 In an interview a few months ago, he recalled how after some training at Salomon Brothers Inc., he successfully bid for the opportunity to sell portions of 20 U.S. corporate bond issues. 23 But he couldn't sell any. 'Japanese stock salesmen selling American bonds? 24 Maybe it's crazy,' he said. 25 Mr. Dozen even related the indignity suffered when he and two colleagues went on an overnight fishing expedition off the New Jersey shore and caught nothing. 26 Upon returning to New York, 'Exhausted, I got into a taxicab, and the woman driver said: `Americans make better fishermen, '' he recalled. 27 Undaunted, Mr. Dozen said that Daiwa's goal is to build 'a high-technology oriented international organization with maybe some Japanese flavor to it.' 28 He said that he was particularly interested in his firm gaining expertise in futures, options, mortgaged-backed securities, computerized trading and investment systems as well as mergers and acquisitions. 29 Mr. Dozen said Daiwa's strengths were its large capital base, its influential position in the Tokyo market and its links to Japanese corporations and institutional investors. 30 Mr. Dozen joined Daiwa upon his graduation from Kyoto University in 1959. 31 Like many young recruits in Japanese securities firms, he began his career peddling stock to individual investors. 32 In his climb to the top, Mr. Dozen also headed the company's stock-exchange division, its fixed-income units and its international operations. 'He was constantly picking up new things to fill out his experience; he is very well-balanced,' said Takuro Isoda, chairman of Daiwa's U.S. unit in New York. 33 But it Mr. Dozen's experience as a salesman that enabled him to gain the political support -- particularly from the retail sales force -- to accede to the presidency. 34 Commission income from domestic stock and bond sales accounts form a large portion of Japanese securities companies' earnings. 35 And anybody who lacked the backing of the retail sales force 'would be fragile,' said a Daiwa executive. 36 If Mr. Dozen has a weakness, it may be his golf game. 'He digs in the sand instead of hitting the ball, like a farmer,' said Mr. Yoneyama.

Japan ' s Daiwa Securities Co . named Masahiro Dozen president .

Japan ' s Daiwa Securities Co

What does Daiwa Securities Co do?

1 Japan's Daiwa Securities Co. named Masahiro Dozen president. 2 Mr. Dozen succeeds Sadakane Doi, who will become vice chairman. 3 Yoshitoki Chino retains his title of chairman of Daiwa, Japan's second-largest securities firm. 4 In Japanese firms, the president usually is in charge of day-to-day operations, while the chairman's role is more a ceremonial one. 5 The title of chief executive officer isn't used. 6 While people within Daiwa, particularly internationalists, expected that Mr. Dozen, 52, would eventually become Daiwa's president, the speed of his promotion surprised many. 7 It was only earlier this year that the jovial, easygoing executive -- he likes to joke with Americans about how his name is synonymous with twelve -- was appointed deputy president. 8 Mr. Dozen is taking over the reins of a securities company that does very well in its domestic market but that is still seeking to realize its potential in global investment banking and securities dealing. 9 Daiwa is one of the world's largest securities firms. 10 As of March 31, the Daiwa group had shareholder equity of 801.21 billion yen ($5.64 billion). 11 For the six months ended Sept. 30, Daiwa reported unconsolidated (parent company) net income of 79.03 billion yen ($556.5 million) on revenue of 332.38 billion yen ($2.34 billion). 12 Both figures were record highs. 13 Several observers interpreted Mr. Dozen's appointment as an attempt by Daiwa to make its international operations more profitable while preparing the firm for the effects of the continuing deregulation of Japan's domestic markets, which should mean increased competition. 14 All of Japan's so-called Big Four securities firms -- Nomura Securities Co. Ltd., the world's largest, Nikko Securities Co. Ltd., Yamaichi Securities Co. Ltd. and Daiwa -- have suffered setbacks in their attempts to break into foreign markets. 15 While they have moved to the fore in underwriting fixed-income securities in the Eurobond market -- mostly for Japanese firms -- they have been only marginally profitable, if at all, in the U.S. 16 American institutional investors have never had a large appetite for Japanese equities. 17 And while the Japanese have stepped up their purchases of U.S. shares in the past several months, they have shown themselves in the past to be fickle investors. 18 At the same time, Daiwa and its brethren have faced stiff competition from well-entrenched American competitors that have prevented them from building strong links to U.S. corporations and institutional investors. 19 Mr. Dozen knows these problems firsthand. 20 When he arrived in the U.S. in 1969 -- the start of an eight-year tour -- he tried selling Japanese yen-denominated bonds to U.S. investors. 'He made desperate efforts, using the yellow pages from beginning to end,' said Koji Yoneyama, president of Daiwa's U.S. unit. 'But not a single piece of paper was sold.' 21 By his own account, Mr. Dozen didn't do much better with U.S. bonds. 22 In an interview a few months ago, he recalled how after some training at Salomon Brothers Inc., he successfully bid for the opportunity to sell portions of 20 U.S. corporate bond issues. 23 But he couldn't sell any. 'Japanese stock salesmen selling American bonds? 24 Maybe it's crazy,' he said. 25 Mr. Dozen even related the indignity suffered when he and two colleagues went on an overnight fishing expedition off the New Jersey shore and caught nothing. 26 Upon returning to New York, 'Exhausted, I got into a taxicab, and the woman driver said: `Americans make better fishermen, '' he recalled. 27 Undaunted, Mr. Dozen said that Daiwa's goal is to build 'a high-technology oriented international organization with maybe some Japanese flavor to it.' 28 He said that he was particularly interested in his firm gaining expertise in futures, options, mortgaged-backed securities, computerized trading and investment systems as well as mergers and acquisitions. 29 Mr. Dozen said Daiwa's strengths were its large capital base, its influential position in the Tokyo market and its links to Japanese corporations and institutional investors. 30 Mr. Dozen joined Daiwa upon his graduation from Kyoto University in 1959. 31 Like many young recruits in Japanese securities firms, he began his career peddling stock to individual investors. 32 In his climb to the top, Mr. Dozen also headed the company's stock-exchange division, its fixed-income units and its international operations. 'He was constantly picking up new things to fill out his experience; he is very well-balanced,' said Takuro Isoda, chairman of Daiwa's U.S. unit in New York. 33 But it Mr. Dozen's experience as a salesman that enabled him to gain the political support -- particularly from the retail sales force -- to accede to the presidency. 34 Commission income from domestic stock and bond sales accounts form a large portion of Japanese securities companies' earnings. 35 And anybody who lacked the backing of the retail sales force 'would be fragile,' said a Daiwa executive. 36 If Mr. Dozen has a weakness, it may be his golf game. 'He digs in the sand instead of hitting the ball, like a farmer,' said Mr. Yoneyama.

Japan ' s Daiwa Securities Co . named Masahiro Dozen president .

named Masahiro Dozen president

Why did they name Masahiro president?

1 Japan's Daiwa Securities Co. named Masahiro Dozen president. 2 Mr. Dozen succeeds Sadakane Doi, who will become vice chairman. 3 Yoshitoki Chino retains his title of chairman of Daiwa, Japan's second-largest securities firm. 4 In Japanese firms, the president usually is in charge of day-to-day operations, while the chairman's role is more a ceremonial one. 5 The title of chief executive officer isn't used. 6 While people within Daiwa, particularly internationalists, expected that Mr. Dozen, 52, would eventually become Daiwa's president, the speed of his promotion surprised many. 7 It was only earlier this year that the jovial, easygoing executive -- he likes to joke with Americans about how his name is synonymous with twelve -- was appointed deputy president. 8 Mr. Dozen is taking over the reins of a securities company that does very well in its domestic market but that is still seeking to realize its potential in global investment banking and securities dealing. 9 Daiwa is one of the world's largest securities firms. 10 As of March 31, the Daiwa group had shareholder equity of 801.21 billion yen ($5.64 billion). 11 For the six months ended Sept. 30, Daiwa reported unconsolidated (parent company) net income of 79.03 billion yen ($556.5 million) on revenue of 332.38 billion yen ($2.34 billion). 12 Both figures were record highs. 13 Several observers interpreted Mr. Dozen's appointment as an attempt by Daiwa to make its international operations more profitable while preparing the firm for the effects of the continuing deregulation of Japan's domestic markets, which should mean increased competition. 14 All of Japan's so-called Big Four securities firms -- Nomura Securities Co. Ltd., the world's largest, Nikko Securities Co. Ltd., Yamaichi Securities Co. Ltd. and Daiwa -- have suffered setbacks in their attempts to break into foreign markets. 15 While they have moved to the fore in underwriting fixed-income securities in the Eurobond market -- mostly for Japanese firms -- they have been only marginally profitable, if at all, in the U.S. 16 American institutional investors have never had a large appetite for Japanese equities. 17 And while the Japanese have stepped up their purchases of U.S. shares in the past several months, they have shown themselves in the past to be fickle investors. 18 At the same time, Daiwa and its brethren have faced stiff competition from well-entrenched American competitors that have prevented them from building strong links to U.S. corporations and institutional investors. 19 Mr. Dozen knows these problems firsthand. 20 When he arrived in the U.S. in 1969 -- the start of an eight-year tour -- he tried selling Japanese yen-denominated bonds to U.S. investors. 'He made desperate efforts, using the yellow pages from beginning to end,' said Koji Yoneyama, president of Daiwa's U.S. unit. 'But not a single piece of paper was sold.' 21 By his own account, Mr. Dozen didn't do much better with U.S. bonds. 22 In an interview a few months ago, he recalled how after some training at Salomon Brothers Inc., he successfully bid for the opportunity to sell portions of 20 U.S. corporate bond issues. 23 But he couldn't sell any. 'Japanese stock salesmen selling American bonds? 24 Maybe it's crazy,' he said. 25 Mr. Dozen even related the indignity suffered when he and two colleagues went on an overnight fishing expedition off the New Jersey shore and caught nothing. 26 Upon returning to New York, 'Exhausted, I got into a taxicab, and the woman driver said: `Americans make better fishermen, '' he recalled. 27 Undaunted, Mr. Dozen said that Daiwa's goal is to build 'a high-technology oriented international organization with maybe some Japanese flavor to it.' 28 He said that he was particularly interested in his firm gaining expertise in futures, options, mortgaged-backed securities, computerized trading and investment systems as well as mergers and acquisitions. 29 Mr. Dozen said Daiwa's strengths were its large capital base, its influential position in the Tokyo market and its links to Japanese corporations and institutional investors. 30 Mr. Dozen joined Daiwa upon his graduation from Kyoto University in 1959. 31 Like many young recruits in Japanese securities firms, he began his career peddling stock to individual investors. 32 In his climb to the top, Mr. Dozen also headed the company's stock-exchange division, its fixed-income units and its international operations. 'He was constantly picking up new things to fill out his experience; he is very well-balanced,' said Takuro Isoda, chairman of Daiwa's U.S. unit in New York. 33 But it Mr. Dozen's experience as a salesman that enabled him to gain the political support -- particularly from the retail sales force -- to accede to the presidency. 34 Commission income from domestic stock and bond sales accounts form a large portion of Japanese securities companies' earnings. 35 And anybody who lacked the backing of the retail sales force 'would be fragile,' said a Daiwa executive. 36 If Mr. Dozen has a weakness, it may be his golf game. 'He digs in the sand instead of hitting the ball, like a farmer,' said Mr. Yoneyama.

Japan ' s Daiwa Securities Co . named Masahiro Dozen president .

Daiwa Securities Co

What kind of company is this?

1 Japan's Daiwa Securities Co. named Masahiro Dozen president. 2 Mr. Dozen succeeds Sadakane Doi, who will become vice chairman. 3 Yoshitoki Chino retains his title of chairman of Daiwa, Japan's second-largest securities firm. 4 In Japanese firms, the president usually is in charge of day-to-day operations, while the chairman's role is more a ceremonial one. 5 The title of chief executive officer isn't used. 6 While people within Daiwa, particularly internationalists, expected that Mr. Dozen, 52, would eventually become Daiwa's president, the speed of his promotion surprised many. 7 It was only earlier this year that the jovial, easygoing executive -- he likes to joke with Americans about how his name is synonymous with twelve -- was appointed deputy president. 8 Mr. Dozen is taking over the reins of a securities company that does very well in its domestic market but that is still seeking to realize its potential in global investment banking and securities dealing. 9 Daiwa is one of the world's largest securities firms. 10 As of March 31, the Daiwa group had shareholder equity of 801.21 billion yen ($5.64 billion). 11 For the six months ended Sept. 30, Daiwa reported unconsolidated (parent company) net income of 79.03 billion yen ($556.5 million) on revenue of 332.38 billion yen ($2.34 billion). 12 Both figures were record highs. 13 Several observers interpreted Mr. Dozen's appointment as an attempt by Daiwa to make its international operations more profitable while preparing the firm for the effects of the continuing deregulation of Japan's domestic markets, which should mean increased competition. 14 All of Japan's so-called Big Four securities firms -- Nomura Securities Co. Ltd., the world's largest, Nikko Securities Co. Ltd., Yamaichi Securities Co. Ltd. and Daiwa -- have suffered setbacks in their attempts to break into foreign markets. 15 While they have moved to the fore in underwriting fixed-income securities in the Eurobond market -- mostly for Japanese firms -- they have been only marginally profitable, if at all, in the U.S. 16 American institutional investors have never had a large appetite for Japanese equities. 17 And while the Japanese have stepped up their purchases of U.S. shares in the past several months, they have shown themselves in the past to be fickle investors. 18 At the same time, Daiwa and its brethren have faced stiff competition from well-entrenched American competitors that have prevented them from building strong links to U.S. corporations and institutional investors. 19 Mr. Dozen knows these problems firsthand. 20 When he arrived in the U.S. in 1969 -- the start of an eight-year tour -- he tried selling Japanese yen-denominated bonds to U.S. investors. 'He made desperate efforts, using the yellow pages from beginning to end,' said Koji Yoneyama, president of Daiwa's U.S. unit. 'But not a single piece of paper was sold.' 21 By his own account, Mr. Dozen didn't do much better with U.S. bonds. 22 In an interview a few months ago, he recalled how after some training at Salomon Brothers Inc., he successfully bid for the opportunity to sell portions of 20 U.S. corporate bond issues. 23 But he couldn't sell any. 'Japanese stock salesmen selling American bonds? 24 Maybe it's crazy,' he said. 25 Mr. Dozen even related the indignity suffered when he and two colleagues went on an overnight fishing expedition off the New Jersey shore and caught nothing. 26 Upon returning to New York, 'Exhausted, I got into a taxicab, and the woman driver said: `Americans make better fishermen, '' he recalled. 27 Undaunted, Mr. Dozen said that Daiwa's goal is to build 'a high-technology oriented international organization with maybe some Japanese flavor to it.' 28 He said that he was particularly interested in his firm gaining expertise in futures, options, mortgaged-backed securities, computerized trading and investment systems as well as mergers and acquisitions. 29 Mr. Dozen said Daiwa's strengths were its large capital base, its influential position in the Tokyo market and its links to Japanese corporations and institutional investors. 30 Mr. Dozen joined Daiwa upon his graduation from Kyoto University in 1959. 31 Like many young recruits in Japanese securities firms, he began his career peddling stock to individual investors. 32 In his climb to the top, Mr. Dozen also headed the company's stock-exchange division, its fixed-income units and its international operations. 'He was constantly picking up new things to fill out his experience; he is very well-balanced,' said Takuro Isoda, chairman of Daiwa's U.S. unit in New York. 33 But it Mr. Dozen's experience as a salesman that enabled him to gain the political support -- particularly from the retail sales force -- to accede to the presidency. 34 Commission income from domestic stock and bond sales accounts form a large portion of Japanese securities companies' earnings. 35 And anybody who lacked the backing of the retail sales force 'would be fragile,' said a Daiwa executive. 36 If Mr. Dozen has a weakness, it may be his golf game. 'He digs in the sand instead of hitting the ball, like a farmer,' said Mr. Yoneyama.

Mr . Dozen succeeds Sadakane Doi , who will become vice chairman .

Mr . Dozen succeeds Sadakane Doi ,

Why did Doi stop being president?

1 Japan's Daiwa Securities Co. named Masahiro Dozen president. 2 Mr. Dozen succeeds Sadakane Doi, who will become vice chairman. 3 Yoshitoki Chino retains his title of chairman of Daiwa, Japan's second-largest securities firm. 4 In Japanese firms, the president usually is in charge of day-to-day operations, while the chairman's role is more a ceremonial one. 5 The title of chief executive officer isn't used. 6 While people within Daiwa, particularly internationalists, expected that Mr. Dozen, 52, would eventually become Daiwa's president, the speed of his promotion surprised many. 7 It was only earlier this year that the jovial, easygoing executive -- he likes to joke with Americans about how his name is synonymous with twelve -- was appointed deputy president. 8 Mr. Dozen is taking over the reins of a securities company that does very well in its domestic market but that is still seeking to realize its potential in global investment banking and securities dealing. 9 Daiwa is one of the world's largest securities firms. 10 As of March 31, the Daiwa group had shareholder equity of 801.21 billion yen ($5.64 billion). 11 For the six months ended Sept. 30, Daiwa reported unconsolidated (parent company) net income of 79.03 billion yen ($556.5 million) on revenue of 332.38 billion yen ($2.34 billion). 12 Both figures were record highs. 13 Several observers interpreted Mr. Dozen's appointment as an attempt by Daiwa to make its international operations more profitable while preparing the firm for the effects of the continuing deregulation of Japan's domestic markets, which should mean increased competition. 14 All of Japan's so-called Big Four securities firms -- Nomura Securities Co. Ltd., the world's largest, Nikko Securities Co. Ltd., Yamaichi Securities Co. Ltd. and Daiwa -- have suffered setbacks in their attempts to break into foreign markets. 15 While they have moved to the fore in underwriting fixed-income securities in the Eurobond market -- mostly for Japanese firms -- they have been only marginally profitable, if at all, in the U.S. 16 American institutional investors have never had a large appetite for Japanese equities. 17 And while the Japanese have stepped up their purchases of U.S. shares in the past several months, they have shown themselves in the past to be fickle investors. 18 At the same time, Daiwa and its brethren have faced stiff competition from well-entrenched American competitors that have prevented them from building strong links to U.S. corporations and institutional investors. 19 Mr. Dozen knows these problems firsthand. 20 When he arrived in the U.S. in 1969 -- the start of an eight-year tour -- he tried selling Japanese yen-denominated bonds to U.S. investors. 'He made desperate efforts, using the yellow pages from beginning to end,' said Koji Yoneyama, president of Daiwa's U.S. unit. 'But not a single piece of paper was sold.' 21 By his own account, Mr. Dozen didn't do much better with U.S. bonds. 22 In an interview a few months ago, he recalled how after some training at Salomon Brothers Inc., he successfully bid for the opportunity to sell portions of 20 U.S. corporate bond issues. 23 But he couldn't sell any. 'Japanese stock salesmen selling American bonds? 24 Maybe it's crazy,' he said. 25 Mr. Dozen even related the indignity suffered when he and two colleagues went on an overnight fishing expedition off the New Jersey shore and caught nothing. 26 Upon returning to New York, 'Exhausted, I got into a taxicab, and the woman driver said: `Americans make better fishermen, '' he recalled. 27 Undaunted, Mr. Dozen said that Daiwa's goal is to build 'a high-technology oriented international organization with maybe some Japanese flavor to it.' 28 He said that he was particularly interested in his firm gaining expertise in futures, options, mortgaged-backed securities, computerized trading and investment systems as well as mergers and acquisitions. 29 Mr. Dozen said Daiwa's strengths were its large capital base, its influential position in the Tokyo market and its links to Japanese corporations and institutional investors. 30 Mr. Dozen joined Daiwa upon his graduation from Kyoto University in 1959. 31 Like many young recruits in Japanese securities firms, he began his career peddling stock to individual investors. 32 In his climb to the top, Mr. Dozen also headed the company's stock-exchange division, its fixed-income units and its international operations. 'He was constantly picking up new things to fill out his experience; he is very well-balanced,' said Takuro Isoda, chairman of Daiwa's U.S. unit in New York. 33 But it Mr. Dozen's experience as a salesman that enabled him to gain the political support -- particularly from the retail sales force -- to accede to the presidency. 34 Commission income from domestic stock and bond sales accounts form a large portion of Japanese securities companies' earnings. 35 And anybody who lacked the backing of the retail sales force 'would be fragile,' said a Daiwa executive. 36 If Mr. Dozen has a weakness, it may be his golf game. 'He digs in the sand instead of hitting the ball, like a farmer,' said Mr. Yoneyama.

Mr . Dozen succeeds Sadakane Doi , who will become vice chairman .

Sadakane

Why did they make Sadakane vice chairman?

1 Japan's Daiwa Securities Co. named Masahiro Dozen president. 2 Mr. Dozen succeeds Sadakane Doi, who will become vice chairman. 3 Yoshitoki Chino retains his title of chairman of Daiwa, Japan's second-largest securities firm. 4 In Japanese firms, the president usually is in charge of day-to-day operations, while the chairman's role is more a ceremonial one. 5 The title of chief executive officer isn't used. 6 While people within Daiwa, particularly internationalists, expected that Mr. Dozen, 52, would eventually become Daiwa's president, the speed of his promotion surprised many. 7 It was only earlier this year that the jovial, easygoing executive -- he likes to joke with Americans about how his name is synonymous with twelve -- was appointed deputy president. 8 Mr. Dozen is taking over the reins of a securities company that does very well in its domestic market but that is still seeking to realize its potential in global investment banking and securities dealing. 9 Daiwa is one of the world's largest securities firms. 10 As of March 31, the Daiwa group had shareholder equity of 801.21 billion yen ($5.64 billion). 11 For the six months ended Sept. 30, Daiwa reported unconsolidated (parent company) net income of 79.03 billion yen ($556.5 million) on revenue of 332.38 billion yen ($2.34 billion). 12 Both figures were record highs. 13 Several observers interpreted Mr. Dozen's appointment as an attempt by Daiwa to make its international operations more profitable while preparing the firm for the effects of the continuing deregulation of Japan's domestic markets, which should mean increased competition. 14 All of Japan's so-called Big Four securities firms -- Nomura Securities Co. Ltd., the world's largest, Nikko Securities Co. Ltd., Yamaichi Securities Co. Ltd. and Daiwa -- have suffered setbacks in their attempts to break into foreign markets. 15 While they have moved to the fore in underwriting fixed-income securities in the Eurobond market -- mostly for Japanese firms -- they have been only marginally profitable, if at all, in the U.S. 16 American institutional investors have never had a large appetite for Japanese equities. 17 And while the Japanese have stepped up their purchases of U.S. shares in the past several months, they have shown themselves in the past to be fickle investors. 18 At the same time, Daiwa and its brethren have faced stiff competition from well-entrenched American competitors that have prevented them from building strong links to U.S. corporations and institutional investors. 19 Mr. Dozen knows these problems firsthand. 20 When he arrived in the U.S. in 1969 -- the start of an eight-year tour -- he tried selling Japanese yen-denominated bonds to U.S. investors. 'He made desperate efforts, using the yellow pages from beginning to end,' said Koji Yoneyama, president of Daiwa's U.S. unit. 'But not a single piece of paper was sold.' 21 By his own account, Mr. Dozen didn't do much better with U.S. bonds. 22 In an interview a few months ago, he recalled how after some training at Salomon Brothers Inc., he successfully bid for the opportunity to sell portions of 20 U.S. corporate bond issues. 23 But he couldn't sell any. 'Japanese stock salesmen selling American bonds? 24 Maybe it's crazy,' he said. 25 Mr. Dozen even related the indignity suffered when he and two colleagues went on an overnight fishing expedition off the New Jersey shore and caught nothing. 26 Upon returning to New York, 'Exhausted, I got into a taxicab, and the woman driver said: `Americans make better fishermen, '' he recalled. 27 Undaunted, Mr. Dozen said that Daiwa's goal is to build 'a high-technology oriented international organization with maybe some Japanese flavor to it.' 28 He said that he was particularly interested in his firm gaining expertise in futures, options, mortgaged-backed securities, computerized trading and investment systems as well as mergers and acquisitions. 29 Mr. Dozen said Daiwa's strengths were its large capital base, its influential position in the Tokyo market and its links to Japanese corporations and institutional investors. 30 Mr. Dozen joined Daiwa upon his graduation from Kyoto University in 1959. 31 Like many young recruits in Japanese securities firms, he began his career peddling stock to individual investors. 32 In his climb to the top, Mr. Dozen also headed the company's stock-exchange division, its fixed-income units and its international operations. 'He was constantly picking up new things to fill out his experience; he is very well-balanced,' said Takuro Isoda, chairman of Daiwa's U.S. unit in New York. 33 But it Mr. Dozen's experience as a salesman that enabled him to gain the political support -- particularly from the retail sales force -- to accede to the presidency. 34 Commission income from domestic stock and bond sales accounts form a large portion of Japanese securities companies' earnings. 35 And anybody who lacked the backing of the retail sales force 'would be fragile,' said a Daiwa executive. 36 If Mr. Dozen has a weakness, it may be his golf game. 'He digs in the sand instead of hitting the ball, like a farmer,' said Mr. Yoneyama.

Mr . Dozen succeeds Sadakane Doi , who will become vice chairman .

become vice chairman

Is Doi stepping down or being forced to step down?

1 Japan's Daiwa Securities Co. named Masahiro Dozen president. 2 Mr. Dozen succeeds Sadakane Doi, who will become vice chairman. 3 Yoshitoki Chino retains his title of chairman of Daiwa, Japan's second-largest securities firm. 4 In Japanese firms, the president usually is in charge of day-to-day operations, while the chairman's role is more a ceremonial one. 5 The title of chief executive officer isn't used. 6 While people within Daiwa, particularly internationalists, expected that Mr. Dozen, 52, would eventually become Daiwa's president, the speed of his promotion surprised many. 7 It was only earlier this year that the jovial, easygoing executive -- he likes to joke with Americans about how his name is synonymous with twelve -- was appointed deputy president. 8 Mr. Dozen is taking over the reins of a securities company that does very well in its domestic market but that is still seeking to realize its potential in global investment banking and securities dealing. 9 Daiwa is one of the world's largest securities firms. 10 As of March 31, the Daiwa group had shareholder equity of 801.21 billion yen ($5.64 billion). 11 For the six months ended Sept. 30, Daiwa reported unconsolidated (parent company) net income of 79.03 billion yen ($556.5 million) on revenue of 332.38 billion yen ($2.34 billion). 12 Both figures were record highs. 13 Several observers interpreted Mr. Dozen's appointment as an attempt by Daiwa to make its international operations more profitable while preparing the firm for the effects of the continuing deregulation of Japan's domestic markets, which should mean increased competition. 14 All of Japan's so-called Big Four securities firms -- Nomura Securities Co. Ltd., the world's largest, Nikko Securities Co. Ltd., Yamaichi Securities Co. Ltd. and Daiwa -- have suffered setbacks in their attempts to break into foreign markets. 15 While they have moved to the fore in underwriting fixed-income securities in the Eurobond market -- mostly for Japanese firms -- they have been only marginally profitable, if at all, in the U.S. 16 American institutional investors have never had a large appetite for Japanese equities. 17 And while the Japanese have stepped up their purchases of U.S. shares in the past several months, they have shown themselves in the past to be fickle investors. 18 At the same time, Daiwa and its brethren have faced stiff competition from well-entrenched American competitors that have prevented them from building strong links to U.S. corporations and institutional investors. 19 Mr. Dozen knows these problems firsthand. 20 When he arrived in the U.S. in 1969 -- the start of an eight-year tour -- he tried selling Japanese yen-denominated bonds to U.S. investors. 'He made desperate efforts, using the yellow pages from beginning to end,' said Koji Yoneyama, president of Daiwa's U.S. unit. 'But not a single piece of paper was sold.' 21 By his own account, Mr. Dozen didn't do much better with U.S. bonds. 22 In an interview a few months ago, he recalled how after some training at Salomon Brothers Inc., he successfully bid for the opportunity to sell portions of 20 U.S. corporate bond issues. 23 But he couldn't sell any. 'Japanese stock salesmen selling American bonds? 24 Maybe it's crazy,' he said. 25 Mr. Dozen even related the indignity suffered when he and two colleagues went on an overnight fishing expedition off the New Jersey shore and caught nothing. 26 Upon returning to New York, 'Exhausted, I got into a taxicab, and the woman driver said: `Americans make better fishermen, '' he recalled. 27 Undaunted, Mr. Dozen said that Daiwa's goal is to build 'a high-technology oriented international organization with maybe some Japanese flavor to it.' 28 He said that he was particularly interested in his firm gaining expertise in futures, options, mortgaged-backed securities, computerized trading and investment systems as well as mergers and acquisitions. 29 Mr. Dozen said Daiwa's strengths were its large capital base, its influential position in the Tokyo market and its links to Japanese corporations and institutional investors. 30 Mr. Dozen joined Daiwa upon his graduation from Kyoto University in 1959. 31 Like many young recruits in Japanese securities firms, he began his career peddling stock to individual investors. 32 In his climb to the top, Mr. Dozen also headed the company's stock-exchange division, its fixed-income units and its international operations. 'He was constantly picking up new things to fill out his experience; he is very well-balanced,' said Takuro Isoda, chairman of Daiwa's U.S. unit in New York. 33 But it Mr. Dozen's experience as a salesman that enabled him to gain the political support -- particularly from the retail sales force -- to accede to the presidency. 34 Commission income from domestic stock and bond sales accounts form a large portion of Japanese securities companies' earnings. 35 And anybody who lacked the backing of the retail sales force 'would be fragile,' said a Daiwa executive. 36 If Mr. Dozen has a weakness, it may be his golf game. 'He digs in the sand instead of hitting the ball, like a farmer,' said Mr. Yoneyama.

Yoshitoki Chino retains his title of chairman of Daiwa , Japan ' s second - largest securities firm .

second - largest

What is Japans first largest security firm?

1 Japan's Daiwa Securities Co. named Masahiro Dozen president. 2 Mr. Dozen succeeds Sadakane Doi, who will become vice chairman. 3 Yoshitoki Chino retains his title of chairman of Daiwa, Japan's second-largest securities firm. 4 In Japanese firms, the president usually is in charge of day-to-day operations, while the chairman's role is more a ceremonial one. 5 The title of chief executive officer isn't used. 6 While people within Daiwa, particularly internationalists, expected that Mr. Dozen, 52, would eventually become Daiwa's president, the speed of his promotion surprised many. 7 It was only earlier this year that the jovial, easygoing executive -- he likes to joke with Americans about how his name is synonymous with twelve -- was appointed deputy president. 8 Mr. Dozen is taking over the reins of a securities company that does very well in its domestic market but that is still seeking to realize its potential in global investment banking and securities dealing. 9 Daiwa is one of the world's largest securities firms. 10 As of March 31, the Daiwa group had shareholder equity of 801.21 billion yen ($5.64 billion). 11 For the six months ended Sept. 30, Daiwa reported unconsolidated (parent company) net income of 79.03 billion yen ($556.5 million) on revenue of 332.38 billion yen ($2.34 billion). 12 Both figures were record highs. 13 Several observers interpreted Mr. Dozen's appointment as an attempt by Daiwa to make its international operations more profitable while preparing the firm for the effects of the continuing deregulation of Japan's domestic markets, which should mean increased competition. 14 All of Japan's so-called Big Four securities firms -- Nomura Securities Co. Ltd., the world's largest, Nikko Securities Co. Ltd., Yamaichi Securities Co. Ltd. and Daiwa -- have suffered setbacks in their attempts to break into foreign markets. 15 While they have moved to the fore in underwriting fixed-income securities in the Eurobond market -- mostly for Japanese firms -- they have been only marginally profitable, if at all, in the U.S. 16 American institutional investors have never had a large appetite for Japanese equities. 17 And while the Japanese have stepped up their purchases of U.S. shares in the past several months, they have shown themselves in the past to be fickle investors. 18 At the same time, Daiwa and its brethren have faced stiff competition from well-entrenched American competitors that have prevented them from building strong links to U.S. corporations and institutional investors. 19 Mr. Dozen knows these problems firsthand. 20 When he arrived in the U.S. in 1969 -- the start of an eight-year tour -- he tried selling Japanese yen-denominated bonds to U.S. investors. 'He made desperate efforts, using the yellow pages from beginning to end,' said Koji Yoneyama, president of Daiwa's U.S. unit. 'But not a single piece of paper was sold.' 21 By his own account, Mr. Dozen didn't do much better with U.S. bonds. 22 In an interview a few months ago, he recalled how after some training at Salomon Brothers Inc., he successfully bid for the opportunity to sell portions of 20 U.S. corporate bond issues. 23 But he couldn't sell any. 'Japanese stock salesmen selling American bonds? 24 Maybe it's crazy,' he said. 25 Mr. Dozen even related the indignity suffered when he and two colleagues went on an overnight fishing expedition off the New Jersey shore and caught nothing. 26 Upon returning to New York, 'Exhausted, I got into a taxicab, and the woman driver said: `Americans make better fishermen, '' he recalled. 27 Undaunted, Mr. Dozen said that Daiwa's goal is to build 'a high-technology oriented international organization with maybe some Japanese flavor to it.' 28 He said that he was particularly interested in his firm gaining expertise in futures, options, mortgaged-backed securities, computerized trading and investment systems as well as mergers and acquisitions. 29 Mr. Dozen said Daiwa's strengths were its large capital base, its influential position in the Tokyo market and its links to Japanese corporations and institutional investors. 30 Mr. Dozen joined Daiwa upon his graduation from Kyoto University in 1959. 31 Like many young recruits in Japanese securities firms, he began his career peddling stock to individual investors. 32 In his climb to the top, Mr. Dozen also headed the company's stock-exchange division, its fixed-income units and its international operations. 'He was constantly picking up new things to fill out his experience; he is very well-balanced,' said Takuro Isoda, chairman of Daiwa's U.S. unit in New York. 33 But it Mr. Dozen's experience as a salesman that enabled him to gain the political support -- particularly from the retail sales force -- to accede to the presidency. 34 Commission income from domestic stock and bond sales accounts form a large portion of Japanese securities companies' earnings. 35 And anybody who lacked the backing of the retail sales force 'would be fragile,' said a Daiwa executive. 36 If Mr. Dozen has a weakness, it may be his golf game. 'He digs in the sand instead of hitting the ball, like a farmer,' said Mr. Yoneyama.

In Japanese firms , the president usually is in charge of day - to - day operations , while the chairman ' s role is more a ceremonial one .

the chairman ' s role is more a ceremonial one

What ceremonial duties does the chairman perform?

1 Japan's Daiwa Securities Co. named Masahiro Dozen president. 2 Mr. Dozen succeeds Sadakane Doi, who will become vice chairman. 3 Yoshitoki Chino retains his title of chairman of Daiwa, Japan's second-largest securities firm. 4 In Japanese firms, the president usually is in charge of day-to-day operations, while the chairman's role is more a ceremonial one. 5 The title of chief executive officer isn't used. 6 While people within Daiwa, particularly internationalists, expected that Mr. Dozen, 52, would eventually become Daiwa's president, the speed of his promotion surprised many. 7 It was only earlier this year that the jovial, easygoing executive -- he likes to joke with Americans about how his name is synonymous with twelve -- was appointed deputy president. 8 Mr. Dozen is taking over the reins of a securities company that does very well in its domestic market but that is still seeking to realize its potential in global investment banking and securities dealing. 9 Daiwa is one of the world's largest securities firms. 10 As of March 31, the Daiwa group had shareholder equity of 801.21 billion yen ($5.64 billion). 11 For the six months ended Sept. 30, Daiwa reported unconsolidated (parent company) net income of 79.03 billion yen ($556.5 million) on revenue of 332.38 billion yen ($2.34 billion). 12 Both figures were record highs. 13 Several observers interpreted Mr. Dozen's appointment as an attempt by Daiwa to make its international operations more profitable while preparing the firm for the effects of the continuing deregulation of Japan's domestic markets, which should mean increased competition. 14 All of Japan's so-called Big Four securities firms -- Nomura Securities Co. Ltd., the world's largest, Nikko Securities Co. Ltd., Yamaichi Securities Co. Ltd. and Daiwa -- have suffered setbacks in their attempts to break into foreign markets. 15 While they have moved to the fore in underwriting fixed-income securities in the Eurobond market -- mostly for Japanese firms -- they have been only marginally profitable, if at all, in the U.S. 16 American institutional investors have never had a large appetite for Japanese equities. 17 And while the Japanese have stepped up their purchases of U.S. shares in the past several months, they have shown themselves in the past to be fickle investors. 18 At the same time, Daiwa and its brethren have faced stiff competition from well-entrenched American competitors that have prevented them from building strong links to U.S. corporations and institutional investors. 19 Mr. Dozen knows these problems firsthand. 20 When he arrived in the U.S. in 1969 -- the start of an eight-year tour -- he tried selling Japanese yen-denominated bonds to U.S. investors. 'He made desperate efforts, using the yellow pages from beginning to end,' said Koji Yoneyama, president of Daiwa's U.S. unit. 'But not a single piece of paper was sold.' 21 By his own account, Mr. Dozen didn't do much better with U.S. bonds. 22 In an interview a few months ago, he recalled how after some training at Salomon Brothers Inc., he successfully bid for the opportunity to sell portions of 20 U.S. corporate bond issues. 23 But he couldn't sell any. 'Japanese stock salesmen selling American bonds? 24 Maybe it's crazy,' he said. 25 Mr. Dozen even related the indignity suffered when he and two colleagues went on an overnight fishing expedition off the New Jersey shore and caught nothing. 26 Upon returning to New York, 'Exhausted, I got into a taxicab, and the woman driver said: `Americans make better fishermen, '' he recalled. 27 Undaunted, Mr. Dozen said that Daiwa's goal is to build 'a high-technology oriented international organization with maybe some Japanese flavor to it.' 28 He said that he was particularly interested in his firm gaining expertise in futures, options, mortgaged-backed securities, computerized trading and investment systems as well as mergers and acquisitions. 29 Mr. Dozen said Daiwa's strengths were its large capital base, its influential position in the Tokyo market and its links to Japanese corporations and institutional investors. 30 Mr. Dozen joined Daiwa upon his graduation from Kyoto University in 1959. 31 Like many young recruits in Japanese securities firms, he began his career peddling stock to individual investors. 32 In his climb to the top, Mr. Dozen also headed the company's stock-exchange division, its fixed-income units and its international operations. 'He was constantly picking up new things to fill out his experience; he is very well-balanced,' said Takuro Isoda, chairman of Daiwa's U.S. unit in New York. 33 But it Mr. Dozen's experience as a salesman that enabled him to gain the political support -- particularly from the retail sales force -- to accede to the presidency. 34 Commission income from domestic stock and bond sales accounts form a large portion of Japanese securities companies' earnings. 35 And anybody who lacked the backing of the retail sales force 'would be fragile,' said a Daiwa executive. 36 If Mr. Dozen has a weakness, it may be his golf game. 'He digs in the sand instead of hitting the ball, like a farmer,' said Mr. Yoneyama.

In Japanese firms , the president usually is in charge of day - to - day operations , while the chairman ' s role is more a ceremonial one .

more a ceremonial one

How is the chairmans role ceremonial?

1 Japan's Daiwa Securities Co. named Masahiro Dozen president. 2 Mr. Dozen succeeds Sadakane Doi, who will become vice chairman. 3 Yoshitoki Chino retains his title of chairman of Daiwa, Japan's second-largest securities firm. 4 In Japanese firms, the president usually is in charge of day-to-day operations, while the chairman's role is more a ceremonial one. 5 The title of chief executive officer isn't used. 6 While people within Daiwa, particularly internationalists, expected that Mr. Dozen, 52, would eventually become Daiwa's president, the speed of his promotion surprised many. 7 It was only earlier this year that the jovial, easygoing executive -- he likes to joke with Americans about how his name is synonymous with twelve -- was appointed deputy president. 8 Mr. Dozen is taking over the reins of a securities company that does very well in its domestic market but that is still seeking to realize its potential in global investment banking and securities dealing. 9 Daiwa is one of the world's largest securities firms. 10 As of March 31, the Daiwa group had shareholder equity of 801.21 billion yen ($5.64 billion). 11 For the six months ended Sept. 30, Daiwa reported unconsolidated (parent company) net income of 79.03 billion yen ($556.5 million) on revenue of 332.38 billion yen ($2.34 billion). 12 Both figures were record highs. 13 Several observers interpreted Mr. Dozen's appointment as an attempt by Daiwa to make its international operations more profitable while preparing the firm for the effects of the continuing deregulation of Japan's domestic markets, which should mean increased competition. 14 All of Japan's so-called Big Four securities firms -- Nomura Securities Co. Ltd., the world's largest, Nikko Securities Co. Ltd., Yamaichi Securities Co. Ltd. and Daiwa -- have suffered setbacks in their attempts to break into foreign markets. 15 While they have moved to the fore in underwriting fixed-income securities in the Eurobond market -- mostly for Japanese firms -- they have been only marginally profitable, if at all, in the U.S. 16 American institutional investors have never had a large appetite for Japanese equities. 17 And while the Japanese have stepped up their purchases of U.S. shares in the past several months, they have shown themselves in the past to be fickle investors. 18 At the same time, Daiwa and its brethren have faced stiff competition from well-entrenched American competitors that have prevented them from building strong links to U.S. corporations and institutional investors. 19 Mr. Dozen knows these problems firsthand. 20 When he arrived in the U.S. in 1969 -- the start of an eight-year tour -- he tried selling Japanese yen-denominated bonds to U.S. investors. 'He made desperate efforts, using the yellow pages from beginning to end,' said Koji Yoneyama, president of Daiwa's U.S. unit. 'But not a single piece of paper was sold.' 21 By his own account, Mr. Dozen didn't do much better with U.S. bonds. 22 In an interview a few months ago, he recalled how after some training at Salomon Brothers Inc., he successfully bid for the opportunity to sell portions of 20 U.S. corporate bond issues. 23 But he couldn't sell any. 'Japanese stock salesmen selling American bonds? 24 Maybe it's crazy,' he said. 25 Mr. Dozen even related the indignity suffered when he and two colleagues went on an overnight fishing expedition off the New Jersey shore and caught nothing. 26 Upon returning to New York, 'Exhausted, I got into a taxicab, and the woman driver said: `Americans make better fishermen, '' he recalled. 27 Undaunted, Mr. Dozen said that Daiwa's goal is to build 'a high-technology oriented international organization with maybe some Japanese flavor to it.' 28 He said that he was particularly interested in his firm gaining expertise in futures, options, mortgaged-backed securities, computerized trading and investment systems as well as mergers and acquisitions. 29 Mr. Dozen said Daiwa's strengths were its large capital base, its influential position in the Tokyo market and its links to Japanese corporations and institutional investors. 30 Mr. Dozen joined Daiwa upon his graduation from Kyoto University in 1959. 31 Like many young recruits in Japanese securities firms, he began his career peddling stock to individual investors. 32 In his climb to the top, Mr. Dozen also headed the company's stock-exchange division, its fixed-income units and its international operations. 'He was constantly picking up new things to fill out his experience; he is very well-balanced,' said Takuro Isoda, chairman of Daiwa's U.S. unit in New York. 33 But it Mr. Dozen's experience as a salesman that enabled him to gain the political support -- particularly from the retail sales force -- to accede to the presidency. 34 Commission income from domestic stock and bond sales accounts form a large portion of Japanese securities companies' earnings. 35 And anybody who lacked the backing of the retail sales force 'would be fragile,' said a Daiwa executive. 36 If Mr. Dozen has a weakness, it may be his golf game. 'He digs in the sand instead of hitting the ball, like a farmer,' said Mr. Yoneyama.

In Japanese firms , the president usually is in charge of day - to - day operations , while the chairman ' s role is more a ceremonial one .

ceremonial

What is ceremonial about the chairman's role?

1 Japan's Daiwa Securities Co. named Masahiro Dozen president. 2 Mr. Dozen succeeds Sadakane Doi, who will become vice chairman. 3 Yoshitoki Chino retains his title of chairman of Daiwa, Japan's second-largest securities firm. 4 In Japanese firms, the president usually is in charge of day-to-day operations, while the chairman's role is more a ceremonial one. 5 The title of chief executive officer isn't used. 6 While people within Daiwa, particularly internationalists, expected that Mr. Dozen, 52, would eventually become Daiwa's president, the speed of his promotion surprised many. 7 It was only earlier this year that the jovial, easygoing executive -- he likes to joke with Americans about how his name is synonymous with twelve -- was appointed deputy president. 8 Mr. Dozen is taking over the reins of a securities company that does very well in its domestic market but that is still seeking to realize its potential in global investment banking and securities dealing. 9 Daiwa is one of the world's largest securities firms. 10 As of March 31, the Daiwa group had shareholder equity of 801.21 billion yen ($5.64 billion). 11 For the six months ended Sept. 30, Daiwa reported unconsolidated (parent company) net income of 79.03 billion yen ($556.5 million) on revenue of 332.38 billion yen ($2.34 billion). 12 Both figures were record highs. 13 Several observers interpreted Mr. Dozen's appointment as an attempt by Daiwa to make its international operations more profitable while preparing the firm for the effects of the continuing deregulation of Japan's domestic markets, which should mean increased competition. 14 All of Japan's so-called Big Four securities firms -- Nomura Securities Co. Ltd., the world's largest, Nikko Securities Co. Ltd., Yamaichi Securities Co. Ltd. and Daiwa -- have suffered setbacks in their attempts to break into foreign markets. 15 While they have moved to the fore in underwriting fixed-income securities in the Eurobond market -- mostly for Japanese firms -- they have been only marginally profitable, if at all, in the U.S. 16 American institutional investors have never had a large appetite for Japanese equities. 17 And while the Japanese have stepped up their purchases of U.S. shares in the past several months, they have shown themselves in the past to be fickle investors. 18 At the same time, Daiwa and its brethren have faced stiff competition from well-entrenched American competitors that have prevented them from building strong links to U.S. corporations and institutional investors. 19 Mr. Dozen knows these problems firsthand. 20 When he arrived in the U.S. in 1969 -- the start of an eight-year tour -- he tried selling Japanese yen-denominated bonds to U.S. investors. 'He made desperate efforts, using the yellow pages from beginning to end,' said Koji Yoneyama, president of Daiwa's U.S. unit. 'But not a single piece of paper was sold.' 21 By his own account, Mr. Dozen didn't do much better with U.S. bonds. 22 In an interview a few months ago, he recalled how after some training at Salomon Brothers Inc., he successfully bid for the opportunity to sell portions of 20 U.S. corporate bond issues. 23 But he couldn't sell any. 'Japanese stock salesmen selling American bonds? 24 Maybe it's crazy,' he said. 25 Mr. Dozen even related the indignity suffered when he and two colleagues went on an overnight fishing expedition off the New Jersey shore and caught nothing. 26 Upon returning to New York, 'Exhausted, I got into a taxicab, and the woman driver said: `Americans make better fishermen, '' he recalled. 27 Undaunted, Mr. Dozen said that Daiwa's goal is to build 'a high-technology oriented international organization with maybe some Japanese flavor to it.' 28 He said that he was particularly interested in his firm gaining expertise in futures, options, mortgaged-backed securities, computerized trading and investment systems as well as mergers and acquisitions. 29 Mr. Dozen said Daiwa's strengths were its large capital base, its influential position in the Tokyo market and its links to Japanese corporations and institutional investors. 30 Mr. Dozen joined Daiwa upon his graduation from Kyoto University in 1959. 31 Like many young recruits in Japanese securities firms, he began his career peddling stock to individual investors. 32 In his climb to the top, Mr. Dozen also headed the company's stock-exchange division, its fixed-income units and its international operations. 'He was constantly picking up new things to fill out his experience; he is very well-balanced,' said Takuro Isoda, chairman of Daiwa's U.S. unit in New York. 33 But it Mr. Dozen's experience as a salesman that enabled him to gain the political support -- particularly from the retail sales force -- to accede to the presidency. 34 Commission income from domestic stock and bond sales accounts form a large portion of Japanese securities companies' earnings. 35 And anybody who lacked the backing of the retail sales force 'would be fragile,' said a Daiwa executive. 36 If Mr. Dozen has a weakness, it may be his golf game. 'He digs in the sand instead of hitting the ball, like a farmer,' said Mr. Yoneyama.

The title of chief executive officer isn ' t used .

isn ' t used

Why isn't the title of CEO used?

1 Japan's Daiwa Securities Co. named Masahiro Dozen president. 2 Mr. Dozen succeeds Sadakane Doi, who will become vice chairman. 3 Yoshitoki Chino retains his title of chairman of Daiwa, Japan's second-largest securities firm. 4 In Japanese firms, the president usually is in charge of day-to-day operations, while the chairman's role is more a ceremonial one. 5 The title of chief executive officer isn't used. 6 While people within Daiwa, particularly internationalists, expected that Mr. Dozen, 52, would eventually become Daiwa's president, the speed of his promotion surprised many. 7 It was only earlier this year that the jovial, easygoing executive -- he likes to joke with Americans about how his name is synonymous with twelve -- was appointed deputy president. 8 Mr. Dozen is taking over the reins of a securities company that does very well in its domestic market but that is still seeking to realize its potential in global investment banking and securities dealing. 9 Daiwa is one of the world's largest securities firms. 10 As of March 31, the Daiwa group had shareholder equity of 801.21 billion yen ($5.64 billion). 11 For the six months ended Sept. 30, Daiwa reported unconsolidated (parent company) net income of 79.03 billion yen ($556.5 million) on revenue of 332.38 billion yen ($2.34 billion). 12 Both figures were record highs. 13 Several observers interpreted Mr. Dozen's appointment as an attempt by Daiwa to make its international operations more profitable while preparing the firm for the effects of the continuing deregulation of Japan's domestic markets, which should mean increased competition. 14 All of Japan's so-called Big Four securities firms -- Nomura Securities Co. Ltd., the world's largest, Nikko Securities Co. Ltd., Yamaichi Securities Co. Ltd. and Daiwa -- have suffered setbacks in their attempts to break into foreign markets. 15 While they have moved to the fore in underwriting fixed-income securities in the Eurobond market -- mostly for Japanese firms -- they have been only marginally profitable, if at all, in the U.S. 16 American institutional investors have never had a large appetite for Japanese equities. 17 And while the Japanese have stepped up their purchases of U.S. shares in the past several months, they have shown themselves in the past to be fickle investors. 18 At the same time, Daiwa and its brethren have faced stiff competition from well-entrenched American competitors that have prevented them from building strong links to U.S. corporations and institutional investors. 19 Mr. Dozen knows these problems firsthand. 20 When he arrived in the U.S. in 1969 -- the start of an eight-year tour -- he tried selling Japanese yen-denominated bonds to U.S. investors. 'He made desperate efforts, using the yellow pages from beginning to end,' said Koji Yoneyama, president of Daiwa's U.S. unit. 'But not a single piece of paper was sold.' 21 By his own account, Mr. Dozen didn't do much better with U.S. bonds. 22 In an interview a few months ago, he recalled how after some training at Salomon Brothers Inc., he successfully bid for the opportunity to sell portions of 20 U.S. corporate bond issues. 23 But he couldn't sell any. 'Japanese stock salesmen selling American bonds? 24 Maybe it's crazy,' he said. 25 Mr. Dozen even related the indignity suffered when he and two colleagues went on an overnight fishing expedition off the New Jersey shore and caught nothing. 26 Upon returning to New York, 'Exhausted, I got into a taxicab, and the woman driver said: `Americans make better fishermen, '' he recalled. 27 Undaunted, Mr. Dozen said that Daiwa's goal is to build 'a high-technology oriented international organization with maybe some Japanese flavor to it.' 28 He said that he was particularly interested in his firm gaining expertise in futures, options, mortgaged-backed securities, computerized trading and investment systems as well as mergers and acquisitions. 29 Mr. Dozen said Daiwa's strengths were its large capital base, its influential position in the Tokyo market and its links to Japanese corporations and institutional investors. 30 Mr. Dozen joined Daiwa upon his graduation from Kyoto University in 1959. 31 Like many young recruits in Japanese securities firms, he began his career peddling stock to individual investors. 32 In his climb to the top, Mr. Dozen also headed the company's stock-exchange division, its fixed-income units and its international operations. 'He was constantly picking up new things to fill out his experience; he is very well-balanced,' said Takuro Isoda, chairman of Daiwa's U.S. unit in New York. 33 But it Mr. Dozen's experience as a salesman that enabled him to gain the political support -- particularly from the retail sales force -- to accede to the presidency. 34 Commission income from domestic stock and bond sales accounts form a large portion of Japanese securities companies' earnings. 35 And anybody who lacked the backing of the retail sales force 'would be fragile,' said a Daiwa executive. 36 If Mr. Dozen has a weakness, it may be his golf game. 'He digs in the sand instead of hitting the ball, like a farmer,' said Mr. Yoneyama.

The title of chief executive officer isn ' t used .

isn ' t used

Why is the term CEO not used?

1 Japan's Daiwa Securities Co. named Masahiro Dozen president. 2 Mr. Dozen succeeds Sadakane Doi, who will become vice chairman. 3 Yoshitoki Chino retains his title of chairman of Daiwa, Japan's second-largest securities firm. 4 In Japanese firms, the president usually is in charge of day-to-day operations, while the chairman's role is more a ceremonial one. 5 The title of chief executive officer isn't used. 6 While people within Daiwa, particularly internationalists, expected that Mr. Dozen, 52, would eventually become Daiwa's president, the speed of his promotion surprised many. 7 It was only earlier this year that the jovial, easygoing executive -- he likes to joke with Americans about how his name is synonymous with twelve -- was appointed deputy president. 8 Mr. Dozen is taking over the reins of a securities company that does very well in its domestic market but that is still seeking to realize its potential in global investment banking and securities dealing. 9 Daiwa is one of the world's largest securities firms. 10 As of March 31, the Daiwa group had shareholder equity of 801.21 billion yen ($5.64 billion). 11 For the six months ended Sept. 30, Daiwa reported unconsolidated (parent company) net income of 79.03 billion yen ($556.5 million) on revenue of 332.38 billion yen ($2.34 billion). 12 Both figures were record highs. 13 Several observers interpreted Mr. Dozen's appointment as an attempt by Daiwa to make its international operations more profitable while preparing the firm for the effects of the continuing deregulation of Japan's domestic markets, which should mean increased competition. 14 All of Japan's so-called Big Four securities firms -- Nomura Securities Co. Ltd., the world's largest, Nikko Securities Co. Ltd., Yamaichi Securities Co. Ltd. and Daiwa -- have suffered setbacks in their attempts to break into foreign markets. 15 While they have moved to the fore in underwriting fixed-income securities in the Eurobond market -- mostly for Japanese firms -- they have been only marginally profitable, if at all, in the U.S. 16 American institutional investors have never had a large appetite for Japanese equities. 17 And while the Japanese have stepped up their purchases of U.S. shares in the past several months, they have shown themselves in the past to be fickle investors. 18 At the same time, Daiwa and its brethren have faced stiff competition from well-entrenched American competitors that have prevented them from building strong links to U.S. corporations and institutional investors. 19 Mr. Dozen knows these problems firsthand. 20 When he arrived in the U.S. in 1969 -- the start of an eight-year tour -- he tried selling Japanese yen-denominated bonds to U.S. investors. 'He made desperate efforts, using the yellow pages from beginning to end,' said Koji Yoneyama, president of Daiwa's U.S. unit. 'But not a single piece of paper was sold.' 21 By his own account, Mr. Dozen didn't do much better with U.S. bonds. 22 In an interview a few months ago, he recalled how after some training at Salomon Brothers Inc., he successfully bid for the opportunity to sell portions of 20 U.S. corporate bond issues. 23 But he couldn't sell any. 'Japanese stock salesmen selling American bonds? 24 Maybe it's crazy,' he said. 25 Mr. Dozen even related the indignity suffered when he and two colleagues went on an overnight fishing expedition off the New Jersey shore and caught nothing. 26 Upon returning to New York, 'Exhausted, I got into a taxicab, and the woman driver said: `Americans make better fishermen, '' he recalled. 27 Undaunted, Mr. Dozen said that Daiwa's goal is to build 'a high-technology oriented international organization with maybe some Japanese flavor to it.' 28 He said that he was particularly interested in his firm gaining expertise in futures, options, mortgaged-backed securities, computerized trading and investment systems as well as mergers and acquisitions. 29 Mr. Dozen said Daiwa's strengths were its large capital base, its influential position in the Tokyo market and its links to Japanese corporations and institutional investors. 30 Mr. Dozen joined Daiwa upon his graduation from Kyoto University in 1959. 31 Like many young recruits in Japanese securities firms, he began his career peddling stock to individual investors. 32 In his climb to the top, Mr. Dozen also headed the company's stock-exchange division, its fixed-income units and its international operations. 'He was constantly picking up new things to fill out his experience; he is very well-balanced,' said Takuro Isoda, chairman of Daiwa's U.S. unit in New York. 33 But it Mr. Dozen's experience as a salesman that enabled him to gain the political support -- particularly from the retail sales force -- to accede to the presidency. 34 Commission income from domestic stock and bond sales accounts form a large portion of Japanese securities companies' earnings. 35 And anybody who lacked the backing of the retail sales force 'would be fragile,' said a Daiwa executive. 36 If Mr. Dozen has a weakness, it may be his golf game. 'He digs in the sand instead of hitting the ball, like a farmer,' said Mr. Yoneyama.

The title of chief executive officer isn ' t used .

isn ' t used

Why isn't it used?

1 Bond Corp. Holdings Ltd. 's consolidated debt totals 6.9 billion Australian dollars (US$5.32 billion), including A$1.6 billion of bonds convertible into shares. 2 Alan Bond, chairman and controlling shareholder of the cash-strapped Australian media, brewing, resources and property concern, disclosed the debt figures yesterday. 3 The disclosure follows last Friday's news that Bond Corp. incurred an overall loss of A$980.2 million for the fiscal year ended June 30, the largest loss in Australian corporate history. 4 The debt load would have been higher but for a reduction of A$5 billion over the past year from asset sales, Mr. Bond said at a business gathering. 5 Mr. Bond indicated the consolidated debt figures, which include debt of units such as Bell Group Ltd., will be published soon in Bond Corp. 's 1989 annual accounts. 6 He predicted the debt will be reduced by another A$3.8 billion this fiscal year ending June 30, 1990, but didn't explain how this will be achieved. 7 Mr. Bond blamed rising Australian interest rates and the acquisition of Bell Group 'with its very high levels of shortterm debt' for producing a condition 'that was no longer sustainable. 8 'In order to restore confidence and ensure the support of our principal lenders,' Mr. Bond said, 'we embarked on fundamantal changes in the structure and direction of the group.' 9 That reassessment resulted in continuing asset sales, as well as write-offs exceeding A$1.1 billion last fiscal year. 'In essence we have made a decision to clear the decks,' Mr. Bond told the meeting. 10 While some assets have been written down, others are undervalued in the accounts, Mr. Bond maintained. 11 Among these are the company's Australian brewing assets, in the books at A$950 million but actually worth A$2.5 billion, he said. 12 An investment in Chile's telephone company is carried at US$300 million but really worth US$500 million, and the company's property portfolio is undervalued by at least A$250 million, Mr. Bond said. 13 Mr. Bond forecast that by next June, 'what will emerge will be a company with a honed sense of purpose . . . a stable balance sheet, with good-quality assets in brewing, telecommunications, media and property.' 14 He didn't name energy resources in that list, signaling that all the company's coal and oil interests might be for sale in total or in part. 15 Some of the oil interests already have been sold.

Bond Corp . Holdings Ltd . ' s consolidated debt totals 6 . 9 billion Australian dollars ( US $ 5 . 32 billion ) , including A $ 1 . 6 billion of bonds convertible into shares .

consolidated debt

How did they incur such debt?

1 Bond Corp. Holdings Ltd. 's consolidated debt totals 6.9 billion Australian dollars (US$5.32 billion), including A$1.6 billion of bonds convertible into shares. 2 Alan Bond, chairman and controlling shareholder of the cash-strapped Australian media, brewing, resources and property concern, disclosed the debt figures yesterday. 3 The disclosure follows last Friday's news that Bond Corp. incurred an overall loss of A$980.2 million for the fiscal year ended June 30, the largest loss in Australian corporate history. 4 The debt load would have been higher but for a reduction of A$5 billion over the past year from asset sales, Mr. Bond said at a business gathering. 5 Mr. Bond indicated the consolidated debt figures, which include debt of units such as Bell Group Ltd., will be published soon in Bond Corp. 's 1989 annual accounts. 6 He predicted the debt will be reduced by another A$3.8 billion this fiscal year ending June 30, 1990, but didn't explain how this will be achieved. 7 Mr. Bond blamed rising Australian interest rates and the acquisition of Bell Group 'with its very high levels of shortterm debt' for producing a condition 'that was no longer sustainable. 8 'In order to restore confidence and ensure the support of our principal lenders,' Mr. Bond said, 'we embarked on fundamantal changes in the structure and direction of the group.' 9 That reassessment resulted in continuing asset sales, as well as write-offs exceeding A$1.1 billion last fiscal year. 'In essence we have made a decision to clear the decks,' Mr. Bond told the meeting. 10 While some assets have been written down, others are undervalued in the accounts, Mr. Bond maintained. 11 Among these are the company's Australian brewing assets, in the books at A$950 million but actually worth A$2.5 billion, he said. 12 An investment in Chile's telephone company is carried at US$300 million but really worth US$500 million, and the company's property portfolio is undervalued by at least A$250 million, Mr. Bond said. 13 Mr. Bond forecast that by next June, 'what will emerge will be a company with a honed sense of purpose . . . a stable balance sheet, with good-quality assets in brewing, telecommunications, media and property.' 14 He didn't name energy resources in that list, signaling that all the company's coal and oil interests might be for sale in total or in part. 15 Some of the oil interests already have been sold.

Bond Corp . Holdings Ltd . ' s consolidated debt totals 6 . 9 billion Australian dollars ( US $ 5 . 32 billion ) , including A $ 1 . 6 billion of bonds convertible into shares .

A $ 1 . 6 billion of bonds convertible into shares

Are bonds able to be converted into shares, and if so, what kinds of shares?

1 Bond Corp. Holdings Ltd. 's consolidated debt totals 6.9 billion Australian dollars (US$5.32 billion), including A$1.6 billion of bonds convertible into shares. 2 Alan Bond, chairman and controlling shareholder of the cash-strapped Australian media, brewing, resources and property concern, disclosed the debt figures yesterday. 3 The disclosure follows last Friday's news that Bond Corp. incurred an overall loss of A$980.2 million for the fiscal year ended June 30, the largest loss in Australian corporate history. 4 The debt load would have been higher but for a reduction of A$5 billion over the past year from asset sales, Mr. Bond said at a business gathering. 5 Mr. Bond indicated the consolidated debt figures, which include debt of units such as Bell Group Ltd., will be published soon in Bond Corp. 's 1989 annual accounts. 6 He predicted the debt will be reduced by another A$3.8 billion this fiscal year ending June 30, 1990, but didn't explain how this will be achieved. 7 Mr. Bond blamed rising Australian interest rates and the acquisition of Bell Group 'with its very high levels of shortterm debt' for producing a condition 'that was no longer sustainable. 8 'In order to restore confidence and ensure the support of our principal lenders,' Mr. Bond said, 'we embarked on fundamantal changes in the structure and direction of the group.' 9 That reassessment resulted in continuing asset sales, as well as write-offs exceeding A$1.1 billion last fiscal year. 'In essence we have made a decision to clear the decks,' Mr. Bond told the meeting. 10 While some assets have been written down, others are undervalued in the accounts, Mr. Bond maintained. 11 Among these are the company's Australian brewing assets, in the books at A$950 million but actually worth A$2.5 billion, he said. 12 An investment in Chile's telephone company is carried at US$300 million but really worth US$500 million, and the company's property portfolio is undervalued by at least A$250 million, Mr. Bond said. 13 Mr. Bond forecast that by next June, 'what will emerge will be a company with a honed sense of purpose . . . a stable balance sheet, with good-quality assets in brewing, telecommunications, media and property.' 14 He didn't name energy resources in that list, signaling that all the company's coal and oil interests might be for sale in total or in part. 15 Some of the oil interests already have been sold.

Alan Bond , chairman and controlling shareholder of the cash - strapped Australian media , brewing , resources and property concern , disclosed the debt figures yesterday .

cash - strapped

Why are they hurting for money?

1 Bond Corp. Holdings Ltd. 's consolidated debt totals 6.9 billion Australian dollars (US$5.32 billion), including A$1.6 billion of bonds convertible into shares. 2 Alan Bond, chairman and controlling shareholder of the cash-strapped Australian media, brewing, resources and property concern, disclosed the debt figures yesterday. 3 The disclosure follows last Friday's news that Bond Corp. incurred an overall loss of A$980.2 million for the fiscal year ended June 30, the largest loss in Australian corporate history. 4 The debt load would have been higher but for a reduction of A$5 billion over the past year from asset sales, Mr. Bond said at a business gathering. 5 Mr. Bond indicated the consolidated debt figures, which include debt of units such as Bell Group Ltd., will be published soon in Bond Corp. 's 1989 annual accounts. 6 He predicted the debt will be reduced by another A$3.8 billion this fiscal year ending June 30, 1990, but didn't explain how this will be achieved. 7 Mr. Bond blamed rising Australian interest rates and the acquisition of Bell Group 'with its very high levels of shortterm debt' for producing a condition 'that was no longer sustainable. 8 'In order to restore confidence and ensure the support of our principal lenders,' Mr. Bond said, 'we embarked on fundamantal changes in the structure and direction of the group.' 9 That reassessment resulted in continuing asset sales, as well as write-offs exceeding A$1.1 billion last fiscal year. 'In essence we have made a decision to clear the decks,' Mr. Bond told the meeting. 10 While some assets have been written down, others are undervalued in the accounts, Mr. Bond maintained. 11 Among these are the company's Australian brewing assets, in the books at A$950 million but actually worth A$2.5 billion, he said. 12 An investment in Chile's telephone company is carried at US$300 million but really worth US$500 million, and the company's property portfolio is undervalued by at least A$250 million, Mr. Bond said. 13 Mr. Bond forecast that by next June, 'what will emerge will be a company with a honed sense of purpose . . . a stable balance sheet, with good-quality assets in brewing, telecommunications, media and property.' 14 He didn't name energy resources in that list, signaling that all the company's coal and oil interests might be for sale in total or in part. 15 Some of the oil interests already have been sold.

Alan Bond , chairman and controlling shareholder of the cash - strapped Australian media , brewing , resources and property concern , disclosed the debt figures yesterday .

disclosed

Why did he disclose the numbers?

1 Bond Corp. Holdings Ltd. 's consolidated debt totals 6.9 billion Australian dollars (US$5.32 billion), including A$1.6 billion of bonds convertible into shares. 2 Alan Bond, chairman and controlling shareholder of the cash-strapped Australian media, brewing, resources and property concern, disclosed the debt figures yesterday. 3 The disclosure follows last Friday's news that Bond Corp. incurred an overall loss of A$980.2 million for the fiscal year ended June 30, the largest loss in Australian corporate history. 4 The debt load would have been higher but for a reduction of A$5 billion over the past year from asset sales, Mr. Bond said at a business gathering. 5 Mr. Bond indicated the consolidated debt figures, which include debt of units such as Bell Group Ltd., will be published soon in Bond Corp. 's 1989 annual accounts. 6 He predicted the debt will be reduced by another A$3.8 billion this fiscal year ending June 30, 1990, but didn't explain how this will be achieved. 7 Mr. Bond blamed rising Australian interest rates and the acquisition of Bell Group 'with its very high levels of shortterm debt' for producing a condition 'that was no longer sustainable. 8 'In order to restore confidence and ensure the support of our principal lenders,' Mr. Bond said, 'we embarked on fundamantal changes in the structure and direction of the group.' 9 That reassessment resulted in continuing asset sales, as well as write-offs exceeding A$1.1 billion last fiscal year. 'In essence we have made a decision to clear the decks,' Mr. Bond told the meeting. 10 While some assets have been written down, others are undervalued in the accounts, Mr. Bond maintained. 11 Among these are the company's Australian brewing assets, in the books at A$950 million but actually worth A$2.5 billion, he said. 12 An investment in Chile's telephone company is carried at US$300 million but really worth US$500 million, and the company's property portfolio is undervalued by at least A$250 million, Mr. Bond said. 13 Mr. Bond forecast that by next June, 'what will emerge will be a company with a honed sense of purpose . . . a stable balance sheet, with good-quality assets in brewing, telecommunications, media and property.' 14 He didn't name energy resources in that list, signaling that all the company's coal and oil interests might be for sale in total or in part. 15 Some of the oil interests already have been sold.

Alan Bond , chairman and controlling shareholder of the cash - strapped Australian media , brewing , resources and property concern , disclosed the debt figures yesterday .

Alan Bond ,

is he important?

1 Bond Corp. Holdings Ltd. 's consolidated debt totals 6.9 billion Australian dollars (US$5.32 billion), including A$1.6 billion of bonds convertible into shares. 2 Alan Bond, chairman and controlling shareholder of the cash-strapped Australian media, brewing, resources and property concern, disclosed the debt figures yesterday. 3 The disclosure follows last Friday's news that Bond Corp. incurred an overall loss of A$980.2 million for the fiscal year ended June 30, the largest loss in Australian corporate history. 4 The debt load would have been higher but for a reduction of A$5 billion over the past year from asset sales, Mr. Bond said at a business gathering. 5 Mr. Bond indicated the consolidated debt figures, which include debt of units such as Bell Group Ltd., will be published soon in Bond Corp. 's 1989 annual accounts. 6 He predicted the debt will be reduced by another A$3.8 billion this fiscal year ending June 30, 1990, but didn't explain how this will be achieved. 7 Mr. Bond blamed rising Australian interest rates and the acquisition of Bell Group 'with its very high levels of shortterm debt' for producing a condition 'that was no longer sustainable. 8 'In order to restore confidence and ensure the support of our principal lenders,' Mr. Bond said, 'we embarked on fundamantal changes in the structure and direction of the group.' 9 That reassessment resulted in continuing asset sales, as well as write-offs exceeding A$1.1 billion last fiscal year. 'In essence we have made a decision to clear the decks,' Mr. Bond told the meeting. 10 While some assets have been written down, others are undervalued in the accounts, Mr. Bond maintained. 11 Among these are the company's Australian brewing assets, in the books at A$950 million but actually worth A$2.5 billion, he said. 12 An investment in Chile's telephone company is carried at US$300 million but really worth US$500 million, and the company's property portfolio is undervalued by at least A$250 million, Mr. Bond said. 13 Mr. Bond forecast that by next June, 'what will emerge will be a company with a honed sense of purpose . . . a stable balance sheet, with good-quality assets in brewing, telecommunications, media and property.' 14 He didn't name energy resources in that list, signaling that all the company's coal and oil interests might be for sale in total or in part. 15 Some of the oil interests already have been sold.

The disclosure follows last Friday ' s news that Bond Corp . incurred an overall loss of A $ 980 . 2 million for the fiscal year ended June 30 , the largest loss in Australian corporate history .

overall loss of A $ 980 . 2 million

How did they not just go bankrupt?

1 Bond Corp. Holdings Ltd. 's consolidated debt totals 6.9 billion Australian dollars (US$5.32 billion), including A$1.6 billion of bonds convertible into shares. 2 Alan Bond, chairman and controlling shareholder of the cash-strapped Australian media, brewing, resources and property concern, disclosed the debt figures yesterday. 3 The disclosure follows last Friday's news that Bond Corp. incurred an overall loss of A$980.2 million for the fiscal year ended June 30, the largest loss in Australian corporate history. 4 The debt load would have been higher but for a reduction of A$5 billion over the past year from asset sales, Mr. Bond said at a business gathering. 5 Mr. Bond indicated the consolidated debt figures, which include debt of units such as Bell Group Ltd., will be published soon in Bond Corp. 's 1989 annual accounts. 6 He predicted the debt will be reduced by another A$3.8 billion this fiscal year ending June 30, 1990, but didn't explain how this will be achieved. 7 Mr. Bond blamed rising Australian interest rates and the acquisition of Bell Group 'with its very high levels of shortterm debt' for producing a condition 'that was no longer sustainable. 8 'In order to restore confidence and ensure the support of our principal lenders,' Mr. Bond said, 'we embarked on fundamantal changes in the structure and direction of the group.' 9 That reassessment resulted in continuing asset sales, as well as write-offs exceeding A$1.1 billion last fiscal year. 'In essence we have made a decision to clear the decks,' Mr. Bond told the meeting. 10 While some assets have been written down, others are undervalued in the accounts, Mr. Bond maintained. 11 Among these are the company's Australian brewing assets, in the books at A$950 million but actually worth A$2.5 billion, he said. 12 An investment in Chile's telephone company is carried at US$300 million but really worth US$500 million, and the company's property portfolio is undervalued by at least A$250 million, Mr. Bond said. 13 Mr. Bond forecast that by next June, 'what will emerge will be a company with a honed sense of purpose . . . a stable balance sheet, with good-quality assets in brewing, telecommunications, media and property.' 14 He didn't name energy resources in that list, signaling that all the company's coal and oil interests might be for sale in total or in part. 15 Some of the oil interests already have been sold.

The disclosure follows last Friday ' s news that Bond Corp . incurred an overall loss of A $ 980 . 2 million for the fiscal year ended June 30 , the largest loss in Australian corporate history .

largest loss in Australian corporate history

Why was this loss so prevalent?

1 Bond Corp. Holdings Ltd. 's consolidated debt totals 6.9 billion Australian dollars (US$5.32 billion), including A$1.6 billion of bonds convertible into shares. 2 Alan Bond, chairman and controlling shareholder of the cash-strapped Australian media, brewing, resources and property concern, disclosed the debt figures yesterday. 3 The disclosure follows last Friday's news that Bond Corp. incurred an overall loss of A$980.2 million for the fiscal year ended June 30, the largest loss in Australian corporate history. 4 The debt load would have been higher but for a reduction of A$5 billion over the past year from asset sales, Mr. Bond said at a business gathering. 5 Mr. Bond indicated the consolidated debt figures, which include debt of units such as Bell Group Ltd., will be published soon in Bond Corp. 's 1989 annual accounts. 6 He predicted the debt will be reduced by another A$3.8 billion this fiscal year ending June 30, 1990, but didn't explain how this will be achieved. 7 Mr. Bond blamed rising Australian interest rates and the acquisition of Bell Group 'with its very high levels of shortterm debt' for producing a condition 'that was no longer sustainable. 8 'In order to restore confidence and ensure the support of our principal lenders,' Mr. Bond said, 'we embarked on fundamantal changes in the structure and direction of the group.' 9 That reassessment resulted in continuing asset sales, as well as write-offs exceeding A$1.1 billion last fiscal year. 'In essence we have made a decision to clear the decks,' Mr. Bond told the meeting. 10 While some assets have been written down, others are undervalued in the accounts, Mr. Bond maintained. 11 Among these are the company's Australian brewing assets, in the books at A$950 million but actually worth A$2.5 billion, he said. 12 An investment in Chile's telephone company is carried at US$300 million but really worth US$500 million, and the company's property portfolio is undervalued by at least A$250 million, Mr. Bond said. 13 Mr. Bond forecast that by next June, 'what will emerge will be a company with a honed sense of purpose . . . a stable balance sheet, with good-quality assets in brewing, telecommunications, media and property.' 14 He didn't name energy resources in that list, signaling that all the company's coal and oil interests might be for sale in total or in part. 15 Some of the oil interests already have been sold.

The disclosure follows last Friday ' s news that Bond Corp . incurred an overall loss of A $ 980 . 2 million for the fiscal year ended June 30 , the largest loss in Australian corporate history .

largest loss in Australian corporate history

whats the second largest?

1 Bond Corp. Holdings Ltd. 's consolidated debt totals 6.9 billion Australian dollars (US$5.32 billion), including A$1.6 billion of bonds convertible into shares. 2 Alan Bond, chairman and controlling shareholder of the cash-strapped Australian media, brewing, resources and property concern, disclosed the debt figures yesterday. 3 The disclosure follows last Friday's news that Bond Corp. incurred an overall loss of A$980.2 million for the fiscal year ended June 30, the largest loss in Australian corporate history. 4 The debt load would have been higher but for a reduction of A$5 billion over the past year from asset sales, Mr. Bond said at a business gathering. 5 Mr. Bond indicated the consolidated debt figures, which include debt of units such as Bell Group Ltd., will be published soon in Bond Corp. 's 1989 annual accounts. 6 He predicted the debt will be reduced by another A$3.8 billion this fiscal year ending June 30, 1990, but didn't explain how this will be achieved. 7 Mr. Bond blamed rising Australian interest rates and the acquisition of Bell Group 'with its very high levels of shortterm debt' for producing a condition 'that was no longer sustainable. 8 'In order to restore confidence and ensure the support of our principal lenders,' Mr. Bond said, 'we embarked on fundamantal changes in the structure and direction of the group.' 9 That reassessment resulted in continuing asset sales, as well as write-offs exceeding A$1.1 billion last fiscal year. 'In essence we have made a decision to clear the decks,' Mr. Bond told the meeting. 10 While some assets have been written down, others are undervalued in the accounts, Mr. Bond maintained. 11 Among these are the company's Australian brewing assets, in the books at A$950 million but actually worth A$2.5 billion, he said. 12 An investment in Chile's telephone company is carried at US$300 million but really worth US$500 million, and the company's property portfolio is undervalued by at least A$250 million, Mr. Bond said. 13 Mr. Bond forecast that by next June, 'what will emerge will be a company with a honed sense of purpose . . . a stable balance sheet, with good-quality assets in brewing, telecommunications, media and property.' 14 He didn't name energy resources in that list, signaling that all the company's coal and oil interests might be for sale in total or in part. 15 Some of the oil interests already have been sold.

The debt load would have been higher but for a reduction of A $ 5 billion over the past year from asset sales , Mr . Bond said at a business gathering .

reduction

Why was the debt load lessened due to a reduction from asset sales?

1 Bond Corp. Holdings Ltd. 's consolidated debt totals 6.9 billion Australian dollars (US$5.32 billion), including A$1.6 billion of bonds convertible into shares. 2 Alan Bond, chairman and controlling shareholder of the cash-strapped Australian media, brewing, resources and property concern, disclosed the debt figures yesterday. 3 The disclosure follows last Friday's news that Bond Corp. incurred an overall loss of A$980.2 million for the fiscal year ended June 30, the largest loss in Australian corporate history. 4 The debt load would have been higher but for a reduction of A$5 billion over the past year from asset sales, Mr. Bond said at a business gathering. 5 Mr. Bond indicated the consolidated debt figures, which include debt of units such as Bell Group Ltd., will be published soon in Bond Corp. 's 1989 annual accounts. 6 He predicted the debt will be reduced by another A$3.8 billion this fiscal year ending June 30, 1990, but didn't explain how this will be achieved. 7 Mr. Bond blamed rising Australian interest rates and the acquisition of Bell Group 'with its very high levels of shortterm debt' for producing a condition 'that was no longer sustainable. 8 'In order to restore confidence and ensure the support of our principal lenders,' Mr. Bond said, 'we embarked on fundamantal changes in the structure and direction of the group.' 9 That reassessment resulted in continuing asset sales, as well as write-offs exceeding A$1.1 billion last fiscal year. 'In essence we have made a decision to clear the decks,' Mr. Bond told the meeting. 10 While some assets have been written down, others are undervalued in the accounts, Mr. Bond maintained. 11 Among these are the company's Australian brewing assets, in the books at A$950 million but actually worth A$2.5 billion, he said. 12 An investment in Chile's telephone company is carried at US$300 million but really worth US$500 million, and the company's property portfolio is undervalued by at least A$250 million, Mr. Bond said. 13 Mr. Bond forecast that by next June, 'what will emerge will be a company with a honed sense of purpose . . . a stable balance sheet, with good-quality assets in brewing, telecommunications, media and property.' 14 He didn't name energy resources in that list, signaling that all the company's coal and oil interests might be for sale in total or in part. 15 Some of the oil interests already have been sold.

Mr . Bond indicated the consolidated debt figures , which include debt of units such as Bell Group Ltd . , will be published soon in Bond Corp . ' s 1989 annual accounts .

debt of units

How did they acquire this specific form of debt?

1 Bond Corp. Holdings Ltd. 's consolidated debt totals 6.9 billion Australian dollars (US$5.32 billion), including A$1.6 billion of bonds convertible into shares. 2 Alan Bond, chairman and controlling shareholder of the cash-strapped Australian media, brewing, resources and property concern, disclosed the debt figures yesterday. 3 The disclosure follows last Friday's news that Bond Corp. incurred an overall loss of A$980.2 million for the fiscal year ended June 30, the largest loss in Australian corporate history. 4 The debt load would have been higher but for a reduction of A$5 billion over the past year from asset sales, Mr. Bond said at a business gathering. 5 Mr. Bond indicated the consolidated debt figures, which include debt of units such as Bell Group Ltd., will be published soon in Bond Corp. 's 1989 annual accounts. 6 He predicted the debt will be reduced by another A$3.8 billion this fiscal year ending June 30, 1990, but didn't explain how this will be achieved. 7 Mr. Bond blamed rising Australian interest rates and the acquisition of Bell Group 'with its very high levels of shortterm debt' for producing a condition 'that was no longer sustainable. 8 'In order to restore confidence and ensure the support of our principal lenders,' Mr. Bond said, 'we embarked on fundamantal changes in the structure and direction of the group.' 9 That reassessment resulted in continuing asset sales, as well as write-offs exceeding A$1.1 billion last fiscal year. 'In essence we have made a decision to clear the decks,' Mr. Bond told the meeting. 10 While some assets have been written down, others are undervalued in the accounts, Mr. Bond maintained. 11 Among these are the company's Australian brewing assets, in the books at A$950 million but actually worth A$2.5 billion, he said. 12 An investment in Chile's telephone company is carried at US$300 million but really worth US$500 million, and the company's property portfolio is undervalued by at least A$250 million, Mr. Bond said. 13 Mr. Bond forecast that by next June, 'what will emerge will be a company with a honed sense of purpose . . . a stable balance sheet, with good-quality assets in brewing, telecommunications, media and property.' 14 He didn't name energy resources in that list, signaling that all the company's coal and oil interests might be for sale in total or in part. 15 Some of the oil interests already have been sold.

Mr . Bond indicated the consolidated debt figures , which include debt of units such as Bell Group Ltd . , will be published soon in Bond Corp . ' s 1989 annual accounts .

Bond Corp . ' s 1989 annual accounts

are they still keeping these?

1 Good grief! Charlie Brown is selling out. 2 Those Metropolitan Life ads were bad enough. 3 But now, Charlie Brown is about to start pitching everything from Chex Party Mix to light bulbs. 4 Why is he cashing in now? 5 Turns out that next year, Charlie Brown, Snoopy and the gang turn 40 -- and Scripps Howard's United Media unit, the syndicator and licensing agent for Charles Schulz's comic strip, sees a bonanza in licensing the cartoon characters to a bevy of advertisers for ads, tie-ins and promotions. 6 'Peanuts has become a major part of American culture,' says Peter Shore, United Media's vice president of marketing and licensing. 7 The comic strip 'has a magical, everlasting quality about it. 8 Our plan is to honor Charles Schulz and the strip all year long.' 9 The effort will make the Peanuts gang very familiar pitchmen in 1990. 10 General Electric plans to use the characters to plug its Miser light bulb. 11 Teleflora will run TV ads at Valentine's Day promoting its 'Snoopy's Love Bouquet.' Ralston Purina will promote its Chex Party Mix's three new flavor packets named for Charlie Brown, Lucy and Linus. 12 The characters will also be featured in a new public service effort for the United Way. 13 Beyond the advertisements, the syndicator is planning a traveling arena show, new TV specials for CBS and even an exhibit at the Smithsonian Institute. 14 The yearlong schedule of festivities will be kicked off officially with a combination live and animation half-time special at the Super Bowl in January. 15 All the tie-ins, though, have some marketing experts questioning whether the party may go too far. 'There are too many people participating,' says Al Ries, of Trout & Ries, a Greenwich, Conn., marketing consulting firm. 'If you want to cut through the clutter, you have to make your message as distinct, sharp and individual as possible. 16 Sharing a character with other advertisers isn't a way to do that.' 17 But United Media says it's very scrupulous with the contracts it hands out. 'We're not interested in promoting every single product that comes along,' Mr. Shore says. 18 Metropolitan Life ad executives couldn't be reached about the use of the Peanuts characters by others. 19 But Mr. Shore says that company's exclusive advertising rights extend only to the insurance and financial services category. 20 Berry Rejoins WPP Group 21 Norman Berry, the creative executive who was apparently squeezed out of Ogilvy & Mather in June, is returning to Ogilvy's parent company, WPP Group PLC. 22 Mr. Berry, 58, had resigned after being asked by Ogilvy 's chairman and chief executive officer, Kenneth Roman, to give up his title as creative head of the New York office and to take a fuzzier international role. 23 Yesterday, just a day after Mr. Roman announced he would leave to take a top post at American Express, WPP said Mr. Berry would return to take an international role at the parent company. 24 Mr. Berry said the timing was a coincidence and that his decision was unrelated to Mr. Roman's departure. 25 RJR Taps FCB/Leber 26 RJR Nabisco Inc. awarded its national broadcast media-buying assignment to FCB/Leber Katz Partners, the New York outpost of Chicago-based Foote, Cone & Belding. 27 The naming of FCB/Leber Katz Partners as agency of record for Nabisco Brands Inc. and Planters LifeSavers Co. follows RJR Nabisco's announcement last week that it will disband its RJR Nabisco Broadcast division and dismiss its 14 employees Dec. 1. to cut costs. 28 New York-based RJR Nabisco wouldn't say what it spends annually, but industry executives say it will spend more than $140 million this year, down from about $200 million last year. 29 Ad Notes. . . . 30 EARNINGS: Interpublic Group of Cos. said third-quarter net rose 15% to $6.9 million, or 21 cents a share, from $6 million, or 18 cents a share, in the year-earlier period. 31 Revenue increased more than 5% to $283.2 million from $268.6 million. 32 HOLIDAY PROMOTION: PepsiCo Inc. will give away 4,000 sets of 'Game Boy,' Nintendo's new hand-held video game in a two-month promotion scheduled to begin Nov. 1. 33 Pepsi said it will spend $10 million advertising the promotion.

Good grief ! Charlie Brown is selling out .

selling

Why is Charlie Brown selling out?

1 Good grief! Charlie Brown is selling out. 2 Those Metropolitan Life ads were bad enough. 3 But now, Charlie Brown is about to start pitching everything from Chex Party Mix to light bulbs. 4 Why is he cashing in now? 5 Turns out that next year, Charlie Brown, Snoopy and the gang turn 40 -- and Scripps Howard's United Media unit, the syndicator and licensing agent for Charles Schulz's comic strip, sees a bonanza in licensing the cartoon characters to a bevy of advertisers for ads, tie-ins and promotions. 6 'Peanuts has become a major part of American culture,' says Peter Shore, United Media's vice president of marketing and licensing. 7 The comic strip 'has a magical, everlasting quality about it. 8 Our plan is to honor Charles Schulz and the strip all year long.' 9 The effort will make the Peanuts gang very familiar pitchmen in 1990. 10 General Electric plans to use the characters to plug its Miser light bulb. 11 Teleflora will run TV ads at Valentine's Day promoting its 'Snoopy's Love Bouquet.' Ralston Purina will promote its Chex Party Mix's three new flavor packets named for Charlie Brown, Lucy and Linus. 12 The characters will also be featured in a new public service effort for the United Way. 13 Beyond the advertisements, the syndicator is planning a traveling arena show, new TV specials for CBS and even an exhibit at the Smithsonian Institute. 14 The yearlong schedule of festivities will be kicked off officially with a combination live and animation half-time special at the Super Bowl in January. 15 All the tie-ins, though, have some marketing experts questioning whether the party may go too far. 'There are too many people participating,' says Al Ries, of Trout & Ries, a Greenwich, Conn., marketing consulting firm. 'If you want to cut through the clutter, you have to make your message as distinct, sharp and individual as possible. 16 Sharing a character with other advertisers isn't a way to do that.' 17 But United Media says it's very scrupulous with the contracts it hands out. 'We're not interested in promoting every single product that comes along,' Mr. Shore says. 18 Metropolitan Life ad executives couldn't be reached about the use of the Peanuts characters by others. 19 But Mr. Shore says that company's exclusive advertising rights extend only to the insurance and financial services category. 20 Berry Rejoins WPP Group 21 Norman Berry, the creative executive who was apparently squeezed out of Ogilvy & Mather in June, is returning to Ogilvy's parent company, WPP Group PLC. 22 Mr. Berry, 58, had resigned after being asked by Ogilvy 's chairman and chief executive officer, Kenneth Roman, to give up his title as creative head of the New York office and to take a fuzzier international role. 23 Yesterday, just a day after Mr. Roman announced he would leave to take a top post at American Express, WPP said Mr. Berry would return to take an international role at the parent company. 24 Mr. Berry said the timing was a coincidence and that his decision was unrelated to Mr. Roman's departure. 25 RJR Taps FCB/Leber 26 RJR Nabisco Inc. awarded its national broadcast media-buying assignment to FCB/Leber Katz Partners, the New York outpost of Chicago-based Foote, Cone & Belding. 27 The naming of FCB/Leber Katz Partners as agency of record for Nabisco Brands Inc. and Planters LifeSavers Co. follows RJR Nabisco's announcement last week that it will disband its RJR Nabisco Broadcast division and dismiss its 14 employees Dec. 1. to cut costs. 28 New York-based RJR Nabisco wouldn't say what it spends annually, but industry executives say it will spend more than $140 million this year, down from about $200 million last year. 29 Ad Notes. . . . 30 EARNINGS: Interpublic Group of Cos. said third-quarter net rose 15% to $6.9 million, or 21 cents a share, from $6 million, or 18 cents a share, in the year-earlier period. 31 Revenue increased more than 5% to $283.2 million from $268.6 million. 32 HOLIDAY PROMOTION: PepsiCo Inc. will give away 4,000 sets of 'Game Boy,' Nintendo's new hand-held video game in a two-month promotion scheduled to begin Nov. 1. 33 Pepsi said it will spend $10 million advertising the promotion.

Good grief ! Charlie Brown is selling out .

Charlie Brown is selling out

why is he selling out?

1 Good grief! Charlie Brown is selling out. 2 Those Metropolitan Life ads were bad enough. 3 But now, Charlie Brown is about to start pitching everything from Chex Party Mix to light bulbs. 4 Why is he cashing in now? 5 Turns out that next year, Charlie Brown, Snoopy and the gang turn 40 -- and Scripps Howard's United Media unit, the syndicator and licensing agent for Charles Schulz's comic strip, sees a bonanza in licensing the cartoon characters to a bevy of advertisers for ads, tie-ins and promotions. 6 'Peanuts has become a major part of American culture,' says Peter Shore, United Media's vice president of marketing and licensing. 7 The comic strip 'has a magical, everlasting quality about it. 8 Our plan is to honor Charles Schulz and the strip all year long.' 9 The effort will make the Peanuts gang very familiar pitchmen in 1990. 10 General Electric plans to use the characters to plug its Miser light bulb. 11 Teleflora will run TV ads at Valentine's Day promoting its 'Snoopy's Love Bouquet.' Ralston Purina will promote its Chex Party Mix's three new flavor packets named for Charlie Brown, Lucy and Linus. 12 The characters will also be featured in a new public service effort for the United Way. 13 Beyond the advertisements, the syndicator is planning a traveling arena show, new TV specials for CBS and even an exhibit at the Smithsonian Institute. 14 The yearlong schedule of festivities will be kicked off officially with a combination live and animation half-time special at the Super Bowl in January. 15 All the tie-ins, though, have some marketing experts questioning whether the party may go too far. 'There are too many people participating,' says Al Ries, of Trout & Ries, a Greenwich, Conn., marketing consulting firm. 'If you want to cut through the clutter, you have to make your message as distinct, sharp and individual as possible. 16 Sharing a character with other advertisers isn't a way to do that.' 17 But United Media says it's very scrupulous with the contracts it hands out. 'We're not interested in promoting every single product that comes along,' Mr. Shore says. 18 Metropolitan Life ad executives couldn't be reached about the use of the Peanuts characters by others. 19 But Mr. Shore says that company's exclusive advertising rights extend only to the insurance and financial services category. 20 Berry Rejoins WPP Group 21 Norman Berry, the creative executive who was apparently squeezed out of Ogilvy & Mather in June, is returning to Ogilvy's parent company, WPP Group PLC. 22 Mr. Berry, 58, had resigned after being asked by Ogilvy 's chairman and chief executive officer, Kenneth Roman, to give up his title as creative head of the New York office and to take a fuzzier international role. 23 Yesterday, just a day after Mr. Roman announced he would leave to take a top post at American Express, WPP said Mr. Berry would return to take an international role at the parent company. 24 Mr. Berry said the timing was a coincidence and that his decision was unrelated to Mr. Roman's departure. 25 RJR Taps FCB/Leber 26 RJR Nabisco Inc. awarded its national broadcast media-buying assignment to FCB/Leber Katz Partners, the New York outpost of Chicago-based Foote, Cone & Belding. 27 The naming of FCB/Leber Katz Partners as agency of record for Nabisco Brands Inc. and Planters LifeSavers Co. follows RJR Nabisco's announcement last week that it will disband its RJR Nabisco Broadcast division and dismiss its 14 employees Dec. 1. to cut costs. 28 New York-based RJR Nabisco wouldn't say what it spends annually, but industry executives say it will spend more than $140 million this year, down from about $200 million last year. 29 Ad Notes. . . . 30 EARNINGS: Interpublic Group of Cos. said third-quarter net rose 15% to $6.9 million, or 21 cents a share, from $6 million, or 18 cents a share, in the year-earlier period. 31 Revenue increased more than 5% to $283.2 million from $268.6 million. 32 HOLIDAY PROMOTION: PepsiCo Inc. will give away 4,000 sets of 'Game Boy,' Nintendo's new hand-held video game in a two-month promotion scheduled to begin Nov. 1. 33 Pepsi said it will spend $10 million advertising the promotion.

Good grief ! Charlie Brown is selling out .

selling out

What is selling out?

1 Good grief! Charlie Brown is selling out. 2 Those Metropolitan Life ads were bad enough. 3 But now, Charlie Brown is about to start pitching everything from Chex Party Mix to light bulbs. 4 Why is he cashing in now? 5 Turns out that next year, Charlie Brown, Snoopy and the gang turn 40 -- and Scripps Howard's United Media unit, the syndicator and licensing agent for Charles Schulz's comic strip, sees a bonanza in licensing the cartoon characters to a bevy of advertisers for ads, tie-ins and promotions. 6 'Peanuts has become a major part of American culture,' says Peter Shore, United Media's vice president of marketing and licensing. 7 The comic strip 'has a magical, everlasting quality about it. 8 Our plan is to honor Charles Schulz and the strip all year long.' 9 The effort will make the Peanuts gang very familiar pitchmen in 1990. 10 General Electric plans to use the characters to plug its Miser light bulb. 11 Teleflora will run TV ads at Valentine's Day promoting its 'Snoopy's Love Bouquet.' Ralston Purina will promote its Chex Party Mix's three new flavor packets named for Charlie Brown, Lucy and Linus. 12 The characters will also be featured in a new public service effort for the United Way. 13 Beyond the advertisements, the syndicator is planning a traveling arena show, new TV specials for CBS and even an exhibit at the Smithsonian Institute. 14 The yearlong schedule of festivities will be kicked off officially with a combination live and animation half-time special at the Super Bowl in January. 15 All the tie-ins, though, have some marketing experts questioning whether the party may go too far. 'There are too many people participating,' says Al Ries, of Trout & Ries, a Greenwich, Conn., marketing consulting firm. 'If you want to cut through the clutter, you have to make your message as distinct, sharp and individual as possible. 16 Sharing a character with other advertisers isn't a way to do that.' 17 But United Media says it's very scrupulous with the contracts it hands out. 'We're not interested in promoting every single product that comes along,' Mr. Shore says. 18 Metropolitan Life ad executives couldn't be reached about the use of the Peanuts characters by others. 19 But Mr. Shore says that company's exclusive advertising rights extend only to the insurance and financial services category. 20 Berry Rejoins WPP Group 21 Norman Berry, the creative executive who was apparently squeezed out of Ogilvy & Mather in June, is returning to Ogilvy's parent company, WPP Group PLC. 22 Mr. Berry, 58, had resigned after being asked by Ogilvy 's chairman and chief executive officer, Kenneth Roman, to give up his title as creative head of the New York office and to take a fuzzier international role. 23 Yesterday, just a day after Mr. Roman announced he would leave to take a top post at American Express, WPP said Mr. Berry would return to take an international role at the parent company. 24 Mr. Berry said the timing was a coincidence and that his decision was unrelated to Mr. Roman's departure. 25 RJR Taps FCB/Leber 26 RJR Nabisco Inc. awarded its national broadcast media-buying assignment to FCB/Leber Katz Partners, the New York outpost of Chicago-based Foote, Cone & Belding. 27 The naming of FCB/Leber Katz Partners as agency of record for Nabisco Brands Inc. and Planters LifeSavers Co. follows RJR Nabisco's announcement last week that it will disband its RJR Nabisco Broadcast division and dismiss its 14 employees Dec. 1. to cut costs. 28 New York-based RJR Nabisco wouldn't say what it spends annually, but industry executives say it will spend more than $140 million this year, down from about $200 million last year. 29 Ad Notes. . . . 30 EARNINGS: Interpublic Group of Cos. said third-quarter net rose 15% to $6.9 million, or 21 cents a share, from $6 million, or 18 cents a share, in the year-earlier period. 31 Revenue increased more than 5% to $283.2 million from $268.6 million. 32 HOLIDAY PROMOTION: PepsiCo Inc. will give away 4,000 sets of 'Game Boy,' Nintendo's new hand-held video game in a two-month promotion scheduled to begin Nov. 1. 33 Pepsi said it will spend $10 million advertising the promotion.

Those Metropolitan Life ads were bad enough .

bad enough .

What was bad about the Metropolitan Life ads?

1 Good grief! Charlie Brown is selling out. 2 Those Metropolitan Life ads were bad enough. 3 But now, Charlie Brown is about to start pitching everything from Chex Party Mix to light bulbs. 4 Why is he cashing in now? 5 Turns out that next year, Charlie Brown, Snoopy and the gang turn 40 -- and Scripps Howard's United Media unit, the syndicator and licensing agent for Charles Schulz's comic strip, sees a bonanza in licensing the cartoon characters to a bevy of advertisers for ads, tie-ins and promotions. 6 'Peanuts has become a major part of American culture,' says Peter Shore, United Media's vice president of marketing and licensing. 7 The comic strip 'has a magical, everlasting quality about it. 8 Our plan is to honor Charles Schulz and the strip all year long.' 9 The effort will make the Peanuts gang very familiar pitchmen in 1990. 10 General Electric plans to use the characters to plug its Miser light bulb. 11 Teleflora will run TV ads at Valentine's Day promoting its 'Snoopy's Love Bouquet.' Ralston Purina will promote its Chex Party Mix's three new flavor packets named for Charlie Brown, Lucy and Linus. 12 The characters will also be featured in a new public service effort for the United Way. 13 Beyond the advertisements, the syndicator is planning a traveling arena show, new TV specials for CBS and even an exhibit at the Smithsonian Institute. 14 The yearlong schedule of festivities will be kicked off officially with a combination live and animation half-time special at the Super Bowl in January. 15 All the tie-ins, though, have some marketing experts questioning whether the party may go too far. 'There are too many people participating,' says Al Ries, of Trout & Ries, a Greenwich, Conn., marketing consulting firm. 'If you want to cut through the clutter, you have to make your message as distinct, sharp and individual as possible. 16 Sharing a character with other advertisers isn't a way to do that.' 17 But United Media says it's very scrupulous with the contracts it hands out. 'We're not interested in promoting every single product that comes along,' Mr. Shore says. 18 Metropolitan Life ad executives couldn't be reached about the use of the Peanuts characters by others. 19 But Mr. Shore says that company's exclusive advertising rights extend only to the insurance and financial services category. 20 Berry Rejoins WPP Group 21 Norman Berry, the creative executive who was apparently squeezed out of Ogilvy & Mather in June, is returning to Ogilvy's parent company, WPP Group PLC. 22 Mr. Berry, 58, had resigned after being asked by Ogilvy 's chairman and chief executive officer, Kenneth Roman, to give up his title as creative head of the New York office and to take a fuzzier international role. 23 Yesterday, just a day after Mr. Roman announced he would leave to take a top post at American Express, WPP said Mr. Berry would return to take an international role at the parent company. 24 Mr. Berry said the timing was a coincidence and that his decision was unrelated to Mr. Roman's departure. 25 RJR Taps FCB/Leber 26 RJR Nabisco Inc. awarded its national broadcast media-buying assignment to FCB/Leber Katz Partners, the New York outpost of Chicago-based Foote, Cone & Belding. 27 The naming of FCB/Leber Katz Partners as agency of record for Nabisco Brands Inc. and Planters LifeSavers Co. follows RJR Nabisco's announcement last week that it will disband its RJR Nabisco Broadcast division and dismiss its 14 employees Dec. 1. to cut costs. 28 New York-based RJR Nabisco wouldn't say what it spends annually, but industry executives say it will spend more than $140 million this year, down from about $200 million last year. 29 Ad Notes. . . . 30 EARNINGS: Interpublic Group of Cos. said third-quarter net rose 15% to $6.9 million, or 21 cents a share, from $6 million, or 18 cents a share, in the year-earlier period. 31 Revenue increased more than 5% to $283.2 million from $268.6 million. 32 HOLIDAY PROMOTION: PepsiCo Inc. will give away 4,000 sets of 'Game Boy,' Nintendo's new hand-held video game in a two-month promotion scheduled to begin Nov. 1. 33 Pepsi said it will spend $10 million advertising the promotion.

Those Metropolitan Life ads were bad enough .

ads

Why were the Metropolitan Life ads bad?

1 Good grief! Charlie Brown is selling out. 2 Those Metropolitan Life ads were bad enough. 3 But now, Charlie Brown is about to start pitching everything from Chex Party Mix to light bulbs. 4 Why is he cashing in now? 5 Turns out that next year, Charlie Brown, Snoopy and the gang turn 40 -- and Scripps Howard's United Media unit, the syndicator and licensing agent for Charles Schulz's comic strip, sees a bonanza in licensing the cartoon characters to a bevy of advertisers for ads, tie-ins and promotions. 6 'Peanuts has become a major part of American culture,' says Peter Shore, United Media's vice president of marketing and licensing. 7 The comic strip 'has a magical, everlasting quality about it. 8 Our plan is to honor Charles Schulz and the strip all year long.' 9 The effort will make the Peanuts gang very familiar pitchmen in 1990. 10 General Electric plans to use the characters to plug its Miser light bulb. 11 Teleflora will run TV ads at Valentine's Day promoting its 'Snoopy's Love Bouquet.' Ralston Purina will promote its Chex Party Mix's three new flavor packets named for Charlie Brown, Lucy and Linus. 12 The characters will also be featured in a new public service effort for the United Way. 13 Beyond the advertisements, the syndicator is planning a traveling arena show, new TV specials for CBS and even an exhibit at the Smithsonian Institute. 14 The yearlong schedule of festivities will be kicked off officially with a combination live and animation half-time special at the Super Bowl in January. 15 All the tie-ins, though, have some marketing experts questioning whether the party may go too far. 'There are too many people participating,' says Al Ries, of Trout & Ries, a Greenwich, Conn., marketing consulting firm. 'If you want to cut through the clutter, you have to make your message as distinct, sharp and individual as possible. 16 Sharing a character with other advertisers isn't a way to do that.' 17 But United Media says it's very scrupulous with the contracts it hands out. 'We're not interested in promoting every single product that comes along,' Mr. Shore says. 18 Metropolitan Life ad executives couldn't be reached about the use of the Peanuts characters by others. 19 But Mr. Shore says that company's exclusive advertising rights extend only to the insurance and financial services category. 20 Berry Rejoins WPP Group 21 Norman Berry, the creative executive who was apparently squeezed out of Ogilvy & Mather in June, is returning to Ogilvy's parent company, WPP Group PLC. 22 Mr. Berry, 58, had resigned after being asked by Ogilvy 's chairman and chief executive officer, Kenneth Roman, to give up his title as creative head of the New York office and to take a fuzzier international role. 23 Yesterday, just a day after Mr. Roman announced he would leave to take a top post at American Express, WPP said Mr. Berry would return to take an international role at the parent company. 24 Mr. Berry said the timing was a coincidence and that his decision was unrelated to Mr. Roman's departure. 25 RJR Taps FCB/Leber 26 RJR Nabisco Inc. awarded its national broadcast media-buying assignment to FCB/Leber Katz Partners, the New York outpost of Chicago-based Foote, Cone & Belding. 27 The naming of FCB/Leber Katz Partners as agency of record for Nabisco Brands Inc. and Planters LifeSavers Co. follows RJR Nabisco's announcement last week that it will disband its RJR Nabisco Broadcast division and dismiss its 14 employees Dec. 1. to cut costs. 28 New York-based RJR Nabisco wouldn't say what it spends annually, but industry executives say it will spend more than $140 million this year, down from about $200 million last year. 29 Ad Notes. . . . 30 EARNINGS: Interpublic Group of Cos. said third-quarter net rose 15% to $6.9 million, or 21 cents a share, from $6 million, or 18 cents a share, in the year-earlier period. 31 Revenue increased more than 5% to $283.2 million from $268.6 million. 32 HOLIDAY PROMOTION: PepsiCo Inc. will give away 4,000 sets of 'Game Boy,' Nintendo's new hand-held video game in a two-month promotion scheduled to begin Nov. 1. 33 Pepsi said it will spend $10 million advertising the promotion.

Those Metropolitan Life ads were bad enough .

Metropolitan Life ads

is that a company?

1 Good grief! Charlie Brown is selling out. 2 Those Metropolitan Life ads were bad enough. 3 But now, Charlie Brown is about to start pitching everything from Chex Party Mix to light bulbs. 4 Why is he cashing in now? 5 Turns out that next year, Charlie Brown, Snoopy and the gang turn 40 -- and Scripps Howard's United Media unit, the syndicator and licensing agent for Charles Schulz's comic strip, sees a bonanza in licensing the cartoon characters to a bevy of advertisers for ads, tie-ins and promotions. 6 'Peanuts has become a major part of American culture,' says Peter Shore, United Media's vice president of marketing and licensing. 7 The comic strip 'has a magical, everlasting quality about it. 8 Our plan is to honor Charles Schulz and the strip all year long.' 9 The effort will make the Peanuts gang very familiar pitchmen in 1990. 10 General Electric plans to use the characters to plug its Miser light bulb. 11 Teleflora will run TV ads at Valentine's Day promoting its 'Snoopy's Love Bouquet.' Ralston Purina will promote its Chex Party Mix's three new flavor packets named for Charlie Brown, Lucy and Linus. 12 The characters will also be featured in a new public service effort for the United Way. 13 Beyond the advertisements, the syndicator is planning a traveling arena show, new TV specials for CBS and even an exhibit at the Smithsonian Institute. 14 The yearlong schedule of festivities will be kicked off officially with a combination live and animation half-time special at the Super Bowl in January. 15 All the tie-ins, though, have some marketing experts questioning whether the party may go too far. 'There are too many people participating,' says Al Ries, of Trout & Ries, a Greenwich, Conn., marketing consulting firm. 'If you want to cut through the clutter, you have to make your message as distinct, sharp and individual as possible. 16 Sharing a character with other advertisers isn't a way to do that.' 17 But United Media says it's very scrupulous with the contracts it hands out. 'We're not interested in promoting every single product that comes along,' Mr. Shore says. 18 Metropolitan Life ad executives couldn't be reached about the use of the Peanuts characters by others. 19 But Mr. Shore says that company's exclusive advertising rights extend only to the insurance and financial services category. 20 Berry Rejoins WPP Group 21 Norman Berry, the creative executive who was apparently squeezed out of Ogilvy & Mather in June, is returning to Ogilvy's parent company, WPP Group PLC. 22 Mr. Berry, 58, had resigned after being asked by Ogilvy 's chairman and chief executive officer, Kenneth Roman, to give up his title as creative head of the New York office and to take a fuzzier international role. 23 Yesterday, just a day after Mr. Roman announced he would leave to take a top post at American Express, WPP said Mr. Berry would return to take an international role at the parent company. 24 Mr. Berry said the timing was a coincidence and that his decision was unrelated to Mr. Roman's departure. 25 RJR Taps FCB/Leber 26 RJR Nabisco Inc. awarded its national broadcast media-buying assignment to FCB/Leber Katz Partners, the New York outpost of Chicago-based Foote, Cone & Belding. 27 The naming of FCB/Leber Katz Partners as agency of record for Nabisco Brands Inc. and Planters LifeSavers Co. follows RJR Nabisco's announcement last week that it will disband its RJR Nabisco Broadcast division and dismiss its 14 employees Dec. 1. to cut costs. 28 New York-based RJR Nabisco wouldn't say what it spends annually, but industry executives say it will spend more than $140 million this year, down from about $200 million last year. 29 Ad Notes. . . . 30 EARNINGS: Interpublic Group of Cos. said third-quarter net rose 15% to $6.9 million, or 21 cents a share, from $6 million, or 18 cents a share, in the year-earlier period. 31 Revenue increased more than 5% to $283.2 million from $268.6 million. 32 HOLIDAY PROMOTION: PepsiCo Inc. will give away 4,000 sets of 'Game Boy,' Nintendo's new hand-held video game in a two-month promotion scheduled to begin Nov. 1. 33 Pepsi said it will spend $10 million advertising the promotion.

Those Metropolitan Life ads were bad enough .

bad enough

Why were the ads bad enough?

1 Good grief! Charlie Brown is selling out. 2 Those Metropolitan Life ads were bad enough. 3 But now, Charlie Brown is about to start pitching everything from Chex Party Mix to light bulbs. 4 Why is he cashing in now? 5 Turns out that next year, Charlie Brown, Snoopy and the gang turn 40 -- and Scripps Howard's United Media unit, the syndicator and licensing agent for Charles Schulz's comic strip, sees a bonanza in licensing the cartoon characters to a bevy of advertisers for ads, tie-ins and promotions. 6 'Peanuts has become a major part of American culture,' says Peter Shore, United Media's vice president of marketing and licensing. 7 The comic strip 'has a magical, everlasting quality about it. 8 Our plan is to honor Charles Schulz and the strip all year long.' 9 The effort will make the Peanuts gang very familiar pitchmen in 1990. 10 General Electric plans to use the characters to plug its Miser light bulb. 11 Teleflora will run TV ads at Valentine's Day promoting its 'Snoopy's Love Bouquet.' Ralston Purina will promote its Chex Party Mix's three new flavor packets named for Charlie Brown, Lucy and Linus. 12 The characters will also be featured in a new public service effort for the United Way. 13 Beyond the advertisements, the syndicator is planning a traveling arena show, new TV specials for CBS and even an exhibit at the Smithsonian Institute. 14 The yearlong schedule of festivities will be kicked off officially with a combination live and animation half-time special at the Super Bowl in January. 15 All the tie-ins, though, have some marketing experts questioning whether the party may go too far. 'There are too many people participating,' says Al Ries, of Trout & Ries, a Greenwich, Conn., marketing consulting firm. 'If you want to cut through the clutter, you have to make your message as distinct, sharp and individual as possible. 16 Sharing a character with other advertisers isn't a way to do that.' 17 But United Media says it's very scrupulous with the contracts it hands out. 'We're not interested in promoting every single product that comes along,' Mr. Shore says. 18 Metropolitan Life ad executives couldn't be reached about the use of the Peanuts characters by others. 19 But Mr. Shore says that company's exclusive advertising rights extend only to the insurance and financial services category. 20 Berry Rejoins WPP Group 21 Norman Berry, the creative executive who was apparently squeezed out of Ogilvy & Mather in June, is returning to Ogilvy's parent company, WPP Group PLC. 22 Mr. Berry, 58, had resigned after being asked by Ogilvy 's chairman and chief executive officer, Kenneth Roman, to give up his title as creative head of the New York office and to take a fuzzier international role. 23 Yesterday, just a day after Mr. Roman announced he would leave to take a top post at American Express, WPP said Mr. Berry would return to take an international role at the parent company. 24 Mr. Berry said the timing was a coincidence and that his decision was unrelated to Mr. Roman's departure. 25 RJR Taps FCB/Leber 26 RJR Nabisco Inc. awarded its national broadcast media-buying assignment to FCB/Leber Katz Partners, the New York outpost of Chicago-based Foote, Cone & Belding. 27 The naming of FCB/Leber Katz Partners as agency of record for Nabisco Brands Inc. and Planters LifeSavers Co. follows RJR Nabisco's announcement last week that it will disband its RJR Nabisco Broadcast division and dismiss its 14 employees Dec. 1. to cut costs. 28 New York-based RJR Nabisco wouldn't say what it spends annually, but industry executives say it will spend more than $140 million this year, down from about $200 million last year. 29 Ad Notes. . . . 30 EARNINGS: Interpublic Group of Cos. said third-quarter net rose 15% to $6.9 million, or 21 cents a share, from $6 million, or 18 cents a share, in the year-earlier period. 31 Revenue increased more than 5% to $283.2 million from $268.6 million. 32 HOLIDAY PROMOTION: PepsiCo Inc. will give away 4,000 sets of 'Game Boy,' Nintendo's new hand-held video game in a two-month promotion scheduled to begin Nov. 1. 33 Pepsi said it will spend $10 million advertising the promotion.

Why is he cashing in now ?

cashing

What do they mean by \"cashing in?\"

1 Good grief! Charlie Brown is selling out. 2 Those Metropolitan Life ads were bad enough. 3 But now, Charlie Brown is about to start pitching everything from Chex Party Mix to light bulbs. 4 Why is he cashing in now? 5 Turns out that next year, Charlie Brown, Snoopy and the gang turn 40 -- and Scripps Howard's United Media unit, the syndicator and licensing agent for Charles Schulz's comic strip, sees a bonanza in licensing the cartoon characters to a bevy of advertisers for ads, tie-ins and promotions. 6 'Peanuts has become a major part of American culture,' says Peter Shore, United Media's vice president of marketing and licensing. 7 The comic strip 'has a magical, everlasting quality about it. 8 Our plan is to honor Charles Schulz and the strip all year long.' 9 The effort will make the Peanuts gang very familiar pitchmen in 1990. 10 General Electric plans to use the characters to plug its Miser light bulb. 11 Teleflora will run TV ads at Valentine's Day promoting its 'Snoopy's Love Bouquet.' Ralston Purina will promote its Chex Party Mix's three new flavor packets named for Charlie Brown, Lucy and Linus. 12 The characters will also be featured in a new public service effort for the United Way. 13 Beyond the advertisements, the syndicator is planning a traveling arena show, new TV specials for CBS and even an exhibit at the Smithsonian Institute. 14 The yearlong schedule of festivities will be kicked off officially with a combination live and animation half-time special at the Super Bowl in January. 15 All the tie-ins, though, have some marketing experts questioning whether the party may go too far. 'There are too many people participating,' says Al Ries, of Trout & Ries, a Greenwich, Conn., marketing consulting firm. 'If you want to cut through the clutter, you have to make your message as distinct, sharp and individual as possible. 16 Sharing a character with other advertisers isn't a way to do that.' 17 But United Media says it's very scrupulous with the contracts it hands out. 'We're not interested in promoting every single product that comes along,' Mr. Shore says. 18 Metropolitan Life ad executives couldn't be reached about the use of the Peanuts characters by others. 19 But Mr. Shore says that company's exclusive advertising rights extend only to the insurance and financial services category. 20 Berry Rejoins WPP Group 21 Norman Berry, the creative executive who was apparently squeezed out of Ogilvy & Mather in June, is returning to Ogilvy's parent company, WPP Group PLC. 22 Mr. Berry, 58, had resigned after being asked by Ogilvy 's chairman and chief executive officer, Kenneth Roman, to give up his title as creative head of the New York office and to take a fuzzier international role. 23 Yesterday, just a day after Mr. Roman announced he would leave to take a top post at American Express, WPP said Mr. Berry would return to take an international role at the parent company. 24 Mr. Berry said the timing was a coincidence and that his decision was unrelated to Mr. Roman's departure. 25 RJR Taps FCB/Leber 26 RJR Nabisco Inc. awarded its national broadcast media-buying assignment to FCB/Leber Katz Partners, the New York outpost of Chicago-based Foote, Cone & Belding. 27 The naming of FCB/Leber Katz Partners as agency of record for Nabisco Brands Inc. and Planters LifeSavers Co. follows RJR Nabisco's announcement last week that it will disband its RJR Nabisco Broadcast division and dismiss its 14 employees Dec. 1. to cut costs. 28 New York-based RJR Nabisco wouldn't say what it spends annually, but industry executives say it will spend more than $140 million this year, down from about $200 million last year. 29 Ad Notes. . . . 30 EARNINGS: Interpublic Group of Cos. said third-quarter net rose 15% to $6.9 million, or 21 cents a share, from $6 million, or 18 cents a share, in the year-earlier period. 31 Revenue increased more than 5% to $283.2 million from $268.6 million. 32 HOLIDAY PROMOTION: PepsiCo Inc. will give away 4,000 sets of 'Game Boy,' Nintendo's new hand-held video game in a two-month promotion scheduled to begin Nov. 1. 33 Pepsi said it will spend $10 million advertising the promotion.

Why is he cashing in now ?

now

as opposed to earlier?

1 Good grief! Charlie Brown is selling out. 2 Those Metropolitan Life ads were bad enough. 3 But now, Charlie Brown is about to start pitching everything from Chex Party Mix to light bulbs. 4 Why is he cashing in now? 5 Turns out that next year, Charlie Brown, Snoopy and the gang turn 40 -- and Scripps Howard's United Media unit, the syndicator and licensing agent for Charles Schulz's comic strip, sees a bonanza in licensing the cartoon characters to a bevy of advertisers for ads, tie-ins and promotions. 6 'Peanuts has become a major part of American culture,' says Peter Shore, United Media's vice president of marketing and licensing. 7 The comic strip 'has a magical, everlasting quality about it. 8 Our plan is to honor Charles Schulz and the strip all year long.' 9 The effort will make the Peanuts gang very familiar pitchmen in 1990. 10 General Electric plans to use the characters to plug its Miser light bulb. 11 Teleflora will run TV ads at Valentine's Day promoting its 'Snoopy's Love Bouquet.' Ralston Purina will promote its Chex Party Mix's three new flavor packets named for Charlie Brown, Lucy and Linus. 12 The characters will also be featured in a new public service effort for the United Way. 13 Beyond the advertisements, the syndicator is planning a traveling arena show, new TV specials for CBS and even an exhibit at the Smithsonian Institute. 14 The yearlong schedule of festivities will be kicked off officially with a combination live and animation half-time special at the Super Bowl in January. 15 All the tie-ins, though, have some marketing experts questioning whether the party may go too far. 'There are too many people participating,' says Al Ries, of Trout & Ries, a Greenwich, Conn., marketing consulting firm. 'If you want to cut through the clutter, you have to make your message as distinct, sharp and individual as possible. 16 Sharing a character with other advertisers isn't a way to do that.' 17 But United Media says it's very scrupulous with the contracts it hands out. 'We're not interested in promoting every single product that comes along,' Mr. Shore says. 18 Metropolitan Life ad executives couldn't be reached about the use of the Peanuts characters by others. 19 But Mr. Shore says that company's exclusive advertising rights extend only to the insurance and financial services category. 20 Berry Rejoins WPP Group 21 Norman Berry, the creative executive who was apparently squeezed out of Ogilvy & Mather in June, is returning to Ogilvy's parent company, WPP Group PLC. 22 Mr. Berry, 58, had resigned after being asked by Ogilvy 's chairman and chief executive officer, Kenneth Roman, to give up his title as creative head of the New York office and to take a fuzzier international role. 23 Yesterday, just a day after Mr. Roman announced he would leave to take a top post at American Express, WPP said Mr. Berry would return to take an international role at the parent company. 24 Mr. Berry said the timing was a coincidence and that his decision was unrelated to Mr. Roman's departure. 25 RJR Taps FCB/Leber 26 RJR Nabisco Inc. awarded its national broadcast media-buying assignment to FCB/Leber Katz Partners, the New York outpost of Chicago-based Foote, Cone & Belding. 27 The naming of FCB/Leber Katz Partners as agency of record for Nabisco Brands Inc. and Planters LifeSavers Co. follows RJR Nabisco's announcement last week that it will disband its RJR Nabisco Broadcast division and dismiss its 14 employees Dec. 1. to cut costs. 28 New York-based RJR Nabisco wouldn't say what it spends annually, but industry executives say it will spend more than $140 million this year, down from about $200 million last year. 29 Ad Notes. . . . 30 EARNINGS: Interpublic Group of Cos. said third-quarter net rose 15% to $6.9 million, or 21 cents a share, from $6 million, or 18 cents a share, in the year-earlier period. 31 Revenue increased more than 5% to $283.2 million from $268.6 million. 32 HOLIDAY PROMOTION: PepsiCo Inc. will give away 4,000 sets of 'Game Boy,' Nintendo's new hand-held video game in a two-month promotion scheduled to begin Nov. 1. 33 Pepsi said it will spend $10 million advertising the promotion.

Why is he cashing in now ?

he

Who is he?

1 Good grief! Charlie Brown is selling out. 2 Those Metropolitan Life ads were bad enough. 3 But now, Charlie Brown is about to start pitching everything from Chex Party Mix to light bulbs. 4 Why is he cashing in now? 5 Turns out that next year, Charlie Brown, Snoopy and the gang turn 40 -- and Scripps Howard's United Media unit, the syndicator and licensing agent for Charles Schulz's comic strip, sees a bonanza in licensing the cartoon characters to a bevy of advertisers for ads, tie-ins and promotions. 6 'Peanuts has become a major part of American culture,' says Peter Shore, United Media's vice president of marketing and licensing. 7 The comic strip 'has a magical, everlasting quality about it. 8 Our plan is to honor Charles Schulz and the strip all year long.' 9 The effort will make the Peanuts gang very familiar pitchmen in 1990. 10 General Electric plans to use the characters to plug its Miser light bulb. 11 Teleflora will run TV ads at Valentine's Day promoting its 'Snoopy's Love Bouquet.' Ralston Purina will promote its Chex Party Mix's three new flavor packets named for Charlie Brown, Lucy and Linus. 12 The characters will also be featured in a new public service effort for the United Way. 13 Beyond the advertisements, the syndicator is planning a traveling arena show, new TV specials for CBS and even an exhibit at the Smithsonian Institute. 14 The yearlong schedule of festivities will be kicked off officially with a combination live and animation half-time special at the Super Bowl in January. 15 All the tie-ins, though, have some marketing experts questioning whether the party may go too far. 'There are too many people participating,' says Al Ries, of Trout & Ries, a Greenwich, Conn., marketing consulting firm. 'If you want to cut through the clutter, you have to make your message as distinct, sharp and individual as possible. 16 Sharing a character with other advertisers isn't a way to do that.' 17 But United Media says it's very scrupulous with the contracts it hands out. 'We're not interested in promoting every single product that comes along,' Mr. Shore says. 18 Metropolitan Life ad executives couldn't be reached about the use of the Peanuts characters by others. 19 But Mr. Shore says that company's exclusive advertising rights extend only to the insurance and financial services category. 20 Berry Rejoins WPP Group 21 Norman Berry, the creative executive who was apparently squeezed out of Ogilvy & Mather in June, is returning to Ogilvy's parent company, WPP Group PLC. 22 Mr. Berry, 58, had resigned after being asked by Ogilvy 's chairman and chief executive officer, Kenneth Roman, to give up his title as creative head of the New York office and to take a fuzzier international role. 23 Yesterday, just a day after Mr. Roman announced he would leave to take a top post at American Express, WPP said Mr. Berry would return to take an international role at the parent company. 24 Mr. Berry said the timing was a coincidence and that his decision was unrelated to Mr. Roman's departure. 25 RJR Taps FCB/Leber 26 RJR Nabisco Inc. awarded its national broadcast media-buying assignment to FCB/Leber Katz Partners, the New York outpost of Chicago-based Foote, Cone & Belding. 27 The naming of FCB/Leber Katz Partners as agency of record for Nabisco Brands Inc. and Planters LifeSavers Co. follows RJR Nabisco's announcement last week that it will disband its RJR Nabisco Broadcast division and dismiss its 14 employees Dec. 1. to cut costs. 28 New York-based RJR Nabisco wouldn't say what it spends annually, but industry executives say it will spend more than $140 million this year, down from about $200 million last year. 29 Ad Notes. . . . 30 EARNINGS: Interpublic Group of Cos. said third-quarter net rose 15% to $6.9 million, or 21 cents a share, from $6 million, or 18 cents a share, in the year-earlier period. 31 Revenue increased more than 5% to $283.2 million from $268.6 million. 32 HOLIDAY PROMOTION: PepsiCo Inc. will give away 4,000 sets of 'Game Boy,' Nintendo's new hand-held video game in a two-month promotion scheduled to begin Nov. 1. 33 Pepsi said it will spend $10 million advertising the promotion.

Turns out that next year , Charlie Brown , Snoopy and the gang turn 40 - - and Scripps Howard ' s United Media unit , the syndicator and licensing agent for Charles Schulz ' s comic strip , sees a bonanza in licensing the cartoon characters to a bevy of advertisers for ads , tie - ins and promotions .

bonanza

How much money could they be making?

1 Time Warner Inc. is considering a legal challenge to Tele-Communications Inc. 's plan to buy half of Showtime Networks Inc., a move that could lead to all-out war between the cable industry's two most powerful players. 2 Time is also fighting the transaction on other fronts, by attempting to discourage other cable operators from joining Tele-Communications as investors in Showtime, cable-TV industry executives say. 3 Time officials declined to comment. 4 Last week, Tele-Communications agreed to pay Viacom Inc. $225 million for a 50% stake in its Showtime subsidiary, which is a distant second to Time's Home Box Office in the delivery of pay-TV networks to cable subscribers. 5 Tele-Communications, the U.S.'s largest cable company, said it may seek other cable partners to join in its investment. 6 Tele-Communications is HBO's largest customer, and the two have a number of other business relationships. 7 Earlier this year, Time even discussed bringing Tele-Communications in as an investor in HBO, executives at both companies said. 8 The purchase of the Showtime stake is 'a direct slap in our face,' said one senior Time executive. 9 Time is expected to mount a legal challenge in U.S. District Court in New York, where Viacom in May filed a $2.5 billion antitrust suit charging Time and HBO with monopolizing the pay-TV business and trying to crush competition from Showtime. 10 Executives involved in plotting Time's defense say it is now preparing a countersuit naming both Viacom and Tele-Communications as defendants. 11 The executives say Time may seek to break up the transaction after it is consummated, or may seek constraints that would prevent Tele-Communications from dropping HBO in any of its cable systems in favor of Showtime. 12 Viacom officials declined to comment. 13 Jerome Kern, Tele-Communications' chief outside counsel, said he wasn't aware of Time's legal plans. 14 But he said that any effort by Time to characterize the Tele-Communications investment in Showtime as anti-competitive would be 'the pot calling the kettle black.' 15 'It's hard to see how an investment by the largest {cable operator} in the weaker of the two networks is anti-competitive, when the stronger of the two networks is owned by the second largest' cable operator, Mr. Kern said. 16 In addition to owning HBO, with 22 million subscribers, Time Warner separately operates cable-TV system serving about 5.6 million cable-TV subscribers. 17 Tele-Communications controls close to 12 million cable subscribers, and Viacom has about one million. 18 In its suit against Time, Viacom says the ownership of both cable systems and cable-programming networks gives the company too much market power. 19 Time argues that in joining up with Tele-Communications, Viacom has potentially more power, particularly since Viacom also owns cable networks MTV, VH-1 and Nick at Nite. 20 Ironically, Tele-Communications and Time have often worked closely in the cable business. 21 Together, they control nearly 40% of Turner Broadcasting Systems Inc.; Tele-Communications has a 21.8% stake, while Time Warner has a 17.8% stake. 22 But since Time's merger with Warner Communications Inc., relations between the two have become strained. 23 Each company worries that the other is becoming too powerful and too vertically integrated. 24 Meanwhile, some legal observers say the Tele-Communications investment and other developments are weakening Viacom's antitrust suit against Time. 25 Viacom accuses Time in its suit of refusing to carry Showtime or a sister service, The Movie Channel, on Time's Manhattan Cable TV system, one of the nation's largest urban systems. 26 But yesterday, Manhattan Cable announced it will launch Showtime on Nov. 1 to over 230,000 subscribers. 27 Showtime has also accused HBO of locking up the lion's share of Hollywood's movies by signing exclusive contracts with all the major studios. 28 But Showtime has continued to sign new contracts with Hollywood studios, and yesterday announced it will buy movies from Columbia Pictures Entertainment Inc., which currently has a non-exclusive arrangement with HBO.

Time Warner Inc . is considering a legal challenge to Tele - Communications Inc . ' s plan to buy half of Showtime Networks Inc . , a move that could lead to all - out war between the cable industry ' s two most powerful players .

all - out war

has it ever happened before?

1 Time Warner Inc. is considering a legal challenge to Tele-Communications Inc. 's plan to buy half of Showtime Networks Inc., a move that could lead to all-out war between the cable industry's two most powerful players. 2 Time is also fighting the transaction on other fronts, by attempting to discourage other cable operators from joining Tele-Communications as investors in Showtime, cable-TV industry executives say. 3 Time officials declined to comment. 4 Last week, Tele-Communications agreed to pay Viacom Inc. $225 million for a 50% stake in its Showtime subsidiary, which is a distant second to Time's Home Box Office in the delivery of pay-TV networks to cable subscribers. 5 Tele-Communications, the U.S.'s largest cable company, said it may seek other cable partners to join in its investment. 6 Tele-Communications is HBO's largest customer, and the two have a number of other business relationships. 7 Earlier this year, Time even discussed bringing Tele-Communications in as an investor in HBO, executives at both companies said. 8 The purchase of the Showtime stake is 'a direct slap in our face,' said one senior Time executive. 9 Time is expected to mount a legal challenge in U.S. District Court in New York, where Viacom in May filed a $2.5 billion antitrust suit charging Time and HBO with monopolizing the pay-TV business and trying to crush competition from Showtime. 10 Executives involved in plotting Time's defense say it is now preparing a countersuit naming both Viacom and Tele-Communications as defendants. 11 The executives say Time may seek to break up the transaction after it is consummated, or may seek constraints that would prevent Tele-Communications from dropping HBO in any of its cable systems in favor of Showtime. 12 Viacom officials declined to comment. 13 Jerome Kern, Tele-Communications' chief outside counsel, said he wasn't aware of Time's legal plans. 14 But he said that any effort by Time to characterize the Tele-Communications investment in Showtime as anti-competitive would be 'the pot calling the kettle black.' 15 'It's hard to see how an investment by the largest {cable operator} in the weaker of the two networks is anti-competitive, when the stronger of the two networks is owned by the second largest' cable operator, Mr. Kern said. 16 In addition to owning HBO, with 22 million subscribers, Time Warner separately operates cable-TV system serving about 5.6 million cable-TV subscribers. 17 Tele-Communications controls close to 12 million cable subscribers, and Viacom has about one million. 18 In its suit against Time, Viacom says the ownership of both cable systems and cable-programming networks gives the company too much market power. 19 Time argues that in joining up with Tele-Communications, Viacom has potentially more power, particularly since Viacom also owns cable networks MTV, VH-1 and Nick at Nite. 20 Ironically, Tele-Communications and Time have often worked closely in the cable business. 21 Together, they control nearly 40% of Turner Broadcasting Systems Inc.; Tele-Communications has a 21.8% stake, while Time Warner has a 17.8% stake. 22 But since Time's merger with Warner Communications Inc., relations between the two have become strained. 23 Each company worries that the other is becoming too powerful and too vertically integrated. 24 Meanwhile, some legal observers say the Tele-Communications investment and other developments are weakening Viacom's antitrust suit against Time. 25 Viacom accuses Time in its suit of refusing to carry Showtime or a sister service, The Movie Channel, on Time's Manhattan Cable TV system, one of the nation's largest urban systems. 26 But yesterday, Manhattan Cable announced it will launch Showtime on Nov. 1 to over 230,000 subscribers. 27 Showtime has also accused HBO of locking up the lion's share of Hollywood's movies by signing exclusive contracts with all the major studios. 28 But Showtime has continued to sign new contracts with Hollywood studios, and yesterday announced it will buy movies from Columbia Pictures Entertainment Inc., which currently has a non-exclusive arrangement with HBO.

Time Warner Inc . is considering a legal challenge to Tele - Communications Inc . ' s plan to buy half of Showtime Networks Inc . , a move that could lead to all - out war between the cable industry ' s two most powerful players .

the cable industry ' s two most powerful players

Who are the cable industry's two most powerful players?

1 Time Warner Inc. is considering a legal challenge to Tele-Communications Inc. 's plan to buy half of Showtime Networks Inc., a move that could lead to all-out war between the cable industry's two most powerful players. 2 Time is also fighting the transaction on other fronts, by attempting to discourage other cable operators from joining Tele-Communications as investors in Showtime, cable-TV industry executives say. 3 Time officials declined to comment. 4 Last week, Tele-Communications agreed to pay Viacom Inc. $225 million for a 50% stake in its Showtime subsidiary, which is a distant second to Time's Home Box Office in the delivery of pay-TV networks to cable subscribers. 5 Tele-Communications, the U.S.'s largest cable company, said it may seek other cable partners to join in its investment. 6 Tele-Communications is HBO's largest customer, and the two have a number of other business relationships. 7 Earlier this year, Time even discussed bringing Tele-Communications in as an investor in HBO, executives at both companies said. 8 The purchase of the Showtime stake is 'a direct slap in our face,' said one senior Time executive. 9 Time is expected to mount a legal challenge in U.S. District Court in New York, where Viacom in May filed a $2.5 billion antitrust suit charging Time and HBO with monopolizing the pay-TV business and trying to crush competition from Showtime. 10 Executives involved in plotting Time's defense say it is now preparing a countersuit naming both Viacom and Tele-Communications as defendants. 11 The executives say Time may seek to break up the transaction after it is consummated, or may seek constraints that would prevent Tele-Communications from dropping HBO in any of its cable systems in favor of Showtime. 12 Viacom officials declined to comment. 13 Jerome Kern, Tele-Communications' chief outside counsel, said he wasn't aware of Time's legal plans. 14 But he said that any effort by Time to characterize the Tele-Communications investment in Showtime as anti-competitive would be 'the pot calling the kettle black.' 15 'It's hard to see how an investment by the largest {cable operator} in the weaker of the two networks is anti-competitive, when the stronger of the two networks is owned by the second largest' cable operator, Mr. Kern said. 16 In addition to owning HBO, with 22 million subscribers, Time Warner separately operates cable-TV system serving about 5.6 million cable-TV subscribers. 17 Tele-Communications controls close to 12 million cable subscribers, and Viacom has about one million. 18 In its suit against Time, Viacom says the ownership of both cable systems and cable-programming networks gives the company too much market power. 19 Time argues that in joining up with Tele-Communications, Viacom has potentially more power, particularly since Viacom also owns cable networks MTV, VH-1 and Nick at Nite. 20 Ironically, Tele-Communications and Time have often worked closely in the cable business. 21 Together, they control nearly 40% of Turner Broadcasting Systems Inc.; Tele-Communications has a 21.8% stake, while Time Warner has a 17.8% stake. 22 But since Time's merger with Warner Communications Inc., relations between the two have become strained. 23 Each company worries that the other is becoming too powerful and too vertically integrated. 24 Meanwhile, some legal observers say the Tele-Communications investment and other developments are weakening Viacom's antitrust suit against Time. 25 Viacom accuses Time in its suit of refusing to carry Showtime or a sister service, The Movie Channel, on Time's Manhattan Cable TV system, one of the nation's largest urban systems. 26 But yesterday, Manhattan Cable announced it will launch Showtime on Nov. 1 to over 230,000 subscribers. 27 Showtime has also accused HBO of locking up the lion's share of Hollywood's movies by signing exclusive contracts with all the major studios. 28 But Showtime has continued to sign new contracts with Hollywood studios, and yesterday announced it will buy movies from Columbia Pictures Entertainment Inc., which currently has a non-exclusive arrangement with HBO.

Time Warner Inc . is considering a legal challenge to Tele - Communications Inc . ' s plan to buy half of Showtime Networks Inc . , a move that could lead to all - out war between the cable industry ' s two most powerful players .

challenge

What is the basis for this legal challenge?

1 Time Warner Inc. is considering a legal challenge to Tele-Communications Inc. 's plan to buy half of Showtime Networks Inc., a move that could lead to all-out war between the cable industry's two most powerful players. 2 Time is also fighting the transaction on other fronts, by attempting to discourage other cable operators from joining Tele-Communications as investors in Showtime, cable-TV industry executives say. 3 Time officials declined to comment. 4 Last week, Tele-Communications agreed to pay Viacom Inc. $225 million for a 50% stake in its Showtime subsidiary, which is a distant second to Time's Home Box Office in the delivery of pay-TV networks to cable subscribers. 5 Tele-Communications, the U.S.'s largest cable company, said it may seek other cable partners to join in its investment. 6 Tele-Communications is HBO's largest customer, and the two have a number of other business relationships. 7 Earlier this year, Time even discussed bringing Tele-Communications in as an investor in HBO, executives at both companies said. 8 The purchase of the Showtime stake is 'a direct slap in our face,' said one senior Time executive. 9 Time is expected to mount a legal challenge in U.S. District Court in New York, where Viacom in May filed a $2.5 billion antitrust suit charging Time and HBO with monopolizing the pay-TV business and trying to crush competition from Showtime. 10 Executives involved in plotting Time's defense say it is now preparing a countersuit naming both Viacom and Tele-Communications as defendants. 11 The executives say Time may seek to break up the transaction after it is consummated, or may seek constraints that would prevent Tele-Communications from dropping HBO in any of its cable systems in favor of Showtime. 12 Viacom officials declined to comment. 13 Jerome Kern, Tele-Communications' chief outside counsel, said he wasn't aware of Time's legal plans. 14 But he said that any effort by Time to characterize the Tele-Communications investment in Showtime as anti-competitive would be 'the pot calling the kettle black.' 15 'It's hard to see how an investment by the largest {cable operator} in the weaker of the two networks is anti-competitive, when the stronger of the two networks is owned by the second largest' cable operator, Mr. Kern said. 16 In addition to owning HBO, with 22 million subscribers, Time Warner separately operates cable-TV system serving about 5.6 million cable-TV subscribers. 17 Tele-Communications controls close to 12 million cable subscribers, and Viacom has about one million. 18 In its suit against Time, Viacom says the ownership of both cable systems and cable-programming networks gives the company too much market power. 19 Time argues that in joining up with Tele-Communications, Viacom has potentially more power, particularly since Viacom also owns cable networks MTV, VH-1 and Nick at Nite. 20 Ironically, Tele-Communications and Time have often worked closely in the cable business. 21 Together, they control nearly 40% of Turner Broadcasting Systems Inc.; Tele-Communications has a 21.8% stake, while Time Warner has a 17.8% stake. 22 But since Time's merger with Warner Communications Inc., relations between the two have become strained. 23 Each company worries that the other is becoming too powerful and too vertically integrated. 24 Meanwhile, some legal observers say the Tele-Communications investment and other developments are weakening Viacom's antitrust suit against Time. 25 Viacom accuses Time in its suit of refusing to carry Showtime or a sister service, The Movie Channel, on Time's Manhattan Cable TV system, one of the nation's largest urban systems. 26 But yesterday, Manhattan Cable announced it will launch Showtime on Nov. 1 to over 230,000 subscribers. 27 Showtime has also accused HBO of locking up the lion's share of Hollywood's movies by signing exclusive contracts with all the major studios. 28 But Showtime has continued to sign new contracts with Hollywood studios, and yesterday announced it will buy movies from Columbia Pictures Entertainment Inc., which currently has a non-exclusive arrangement with HBO.

Time is also fighting the transaction on other fronts , by attempting to discourage other cable operators from joining Tele - Communications as investors in Showtime , cable - TV industry executives say .

fighting

Are these methods legal?

1 Time Warner Inc. is considering a legal challenge to Tele-Communications Inc. 's plan to buy half of Showtime Networks Inc., a move that could lead to all-out war between the cable industry's two most powerful players. 2 Time is also fighting the transaction on other fronts, by attempting to discourage other cable operators from joining Tele-Communications as investors in Showtime, cable-TV industry executives say. 3 Time officials declined to comment. 4 Last week, Tele-Communications agreed to pay Viacom Inc. $225 million for a 50% stake in its Showtime subsidiary, which is a distant second to Time's Home Box Office in the delivery of pay-TV networks to cable subscribers. 5 Tele-Communications, the U.S.'s largest cable company, said it may seek other cable partners to join in its investment. 6 Tele-Communications is HBO's largest customer, and the two have a number of other business relationships. 7 Earlier this year, Time even discussed bringing Tele-Communications in as an investor in HBO, executives at both companies said. 8 The purchase of the Showtime stake is 'a direct slap in our face,' said one senior Time executive. 9 Time is expected to mount a legal challenge in U.S. District Court in New York, where Viacom in May filed a $2.5 billion antitrust suit charging Time and HBO with monopolizing the pay-TV business and trying to crush competition from Showtime. 10 Executives involved in plotting Time's defense say it is now preparing a countersuit naming both Viacom and Tele-Communications as defendants. 11 The executives say Time may seek to break up the transaction after it is consummated, or may seek constraints that would prevent Tele-Communications from dropping HBO in any of its cable systems in favor of Showtime. 12 Viacom officials declined to comment. 13 Jerome Kern, Tele-Communications' chief outside counsel, said he wasn't aware of Time's legal plans. 14 But he said that any effort by Time to characterize the Tele-Communications investment in Showtime as anti-competitive would be 'the pot calling the kettle black.' 15 'It's hard to see how an investment by the largest {cable operator} in the weaker of the two networks is anti-competitive, when the stronger of the two networks is owned by the second largest' cable operator, Mr. Kern said. 16 In addition to owning HBO, with 22 million subscribers, Time Warner separately operates cable-TV system serving about 5.6 million cable-TV subscribers. 17 Tele-Communications controls close to 12 million cable subscribers, and Viacom has about one million. 18 In its suit against Time, Viacom says the ownership of both cable systems and cable-programming networks gives the company too much market power. 19 Time argues that in joining up with Tele-Communications, Viacom has potentially more power, particularly since Viacom also owns cable networks MTV, VH-1 and Nick at Nite. 20 Ironically, Tele-Communications and Time have often worked closely in the cable business. 21 Together, they control nearly 40% of Turner Broadcasting Systems Inc.; Tele-Communications has a 21.8% stake, while Time Warner has a 17.8% stake. 22 But since Time's merger with Warner Communications Inc., relations between the two have become strained. 23 Each company worries that the other is becoming too powerful and too vertically integrated. 24 Meanwhile, some legal observers say the Tele-Communications investment and other developments are weakening Viacom's antitrust suit against Time. 25 Viacom accuses Time in its suit of refusing to carry Showtime or a sister service, The Movie Channel, on Time's Manhattan Cable TV system, one of the nation's largest urban systems. 26 But yesterday, Manhattan Cable announced it will launch Showtime on Nov. 1 to over 230,000 subscribers. 27 Showtime has also accused HBO of locking up the lion's share of Hollywood's movies by signing exclusive contracts with all the major studios. 28 But Showtime has continued to sign new contracts with Hollywood studios, and yesterday announced it will buy movies from Columbia Pictures Entertainment Inc., which currently has a non-exclusive arrangement with HBO.

Time officials declined to comment .

Time officials

how many were asked?

1 Time Warner Inc. is considering a legal challenge to Tele-Communications Inc. 's plan to buy half of Showtime Networks Inc., a move that could lead to all-out war between the cable industry's two most powerful players. 2 Time is also fighting the transaction on other fronts, by attempting to discourage other cable operators from joining Tele-Communications as investors in Showtime, cable-TV industry executives say. 3 Time officials declined to comment. 4 Last week, Tele-Communications agreed to pay Viacom Inc. $225 million for a 50% stake in its Showtime subsidiary, which is a distant second to Time's Home Box Office in the delivery of pay-TV networks to cable subscribers. 5 Tele-Communications, the U.S.'s largest cable company, said it may seek other cable partners to join in its investment. 6 Tele-Communications is HBO's largest customer, and the two have a number of other business relationships. 7 Earlier this year, Time even discussed bringing Tele-Communications in as an investor in HBO, executives at both companies said. 8 The purchase of the Showtime stake is 'a direct slap in our face,' said one senior Time executive. 9 Time is expected to mount a legal challenge in U.S. District Court in New York, where Viacom in May filed a $2.5 billion antitrust suit charging Time and HBO with monopolizing the pay-TV business and trying to crush competition from Showtime. 10 Executives involved in plotting Time's defense say it is now preparing a countersuit naming both Viacom and Tele-Communications as defendants. 11 The executives say Time may seek to break up the transaction after it is consummated, or may seek constraints that would prevent Tele-Communications from dropping HBO in any of its cable systems in favor of Showtime. 12 Viacom officials declined to comment. 13 Jerome Kern, Tele-Communications' chief outside counsel, said he wasn't aware of Time's legal plans. 14 But he said that any effort by Time to characterize the Tele-Communications investment in Showtime as anti-competitive would be 'the pot calling the kettle black.' 15 'It's hard to see how an investment by the largest {cable operator} in the weaker of the two networks is anti-competitive, when the stronger of the two networks is owned by the second largest' cable operator, Mr. Kern said. 16 In addition to owning HBO, with 22 million subscribers, Time Warner separately operates cable-TV system serving about 5.6 million cable-TV subscribers. 17 Tele-Communications controls close to 12 million cable subscribers, and Viacom has about one million. 18 In its suit against Time, Viacom says the ownership of both cable systems and cable-programming networks gives the company too much market power. 19 Time argues that in joining up with Tele-Communications, Viacom has potentially more power, particularly since Viacom also owns cable networks MTV, VH-1 and Nick at Nite. 20 Ironically, Tele-Communications and Time have often worked closely in the cable business. 21 Together, they control nearly 40% of Turner Broadcasting Systems Inc.; Tele-Communications has a 21.8% stake, while Time Warner has a 17.8% stake. 22 But since Time's merger with Warner Communications Inc., relations between the two have become strained. 23 Each company worries that the other is becoming too powerful and too vertically integrated. 24 Meanwhile, some legal observers say the Tele-Communications investment and other developments are weakening Viacom's antitrust suit against Time. 25 Viacom accuses Time in its suit of refusing to carry Showtime or a sister service, The Movie Channel, on Time's Manhattan Cable TV system, one of the nation's largest urban systems. 26 But yesterday, Manhattan Cable announced it will launch Showtime on Nov. 1 to over 230,000 subscribers. 27 Showtime has also accused HBO of locking up the lion's share of Hollywood's movies by signing exclusive contracts with all the major studios. 28 But Showtime has continued to sign new contracts with Hollywood studios, and yesterday announced it will buy movies from Columbia Pictures Entertainment Inc., which currently has a non-exclusive arrangement with HBO.

Time officials declined to comment .

declined to comment

Why did they decline to comment?

1 Time Warner Inc. is considering a legal challenge to Tele-Communications Inc. 's plan to buy half of Showtime Networks Inc., a move that could lead to all-out war between the cable industry's two most powerful players. 2 Time is also fighting the transaction on other fronts, by attempting to discourage other cable operators from joining Tele-Communications as investors in Showtime, cable-TV industry executives say. 3 Time officials declined to comment. 4 Last week, Tele-Communications agreed to pay Viacom Inc. $225 million for a 50% stake in its Showtime subsidiary, which is a distant second to Time's Home Box Office in the delivery of pay-TV networks to cable subscribers. 5 Tele-Communications, the U.S.'s largest cable company, said it may seek other cable partners to join in its investment. 6 Tele-Communications is HBO's largest customer, and the two have a number of other business relationships. 7 Earlier this year, Time even discussed bringing Tele-Communications in as an investor in HBO, executives at both companies said. 8 The purchase of the Showtime stake is 'a direct slap in our face,' said one senior Time executive. 9 Time is expected to mount a legal challenge in U.S. District Court in New York, where Viacom in May filed a $2.5 billion antitrust suit charging Time and HBO with monopolizing the pay-TV business and trying to crush competition from Showtime. 10 Executives involved in plotting Time's defense say it is now preparing a countersuit naming both Viacom and Tele-Communications as defendants. 11 The executives say Time may seek to break up the transaction after it is consummated, or may seek constraints that would prevent Tele-Communications from dropping HBO in any of its cable systems in favor of Showtime. 12 Viacom officials declined to comment. 13 Jerome Kern, Tele-Communications' chief outside counsel, said he wasn't aware of Time's legal plans. 14 But he said that any effort by Time to characterize the Tele-Communications investment in Showtime as anti-competitive would be 'the pot calling the kettle black.' 15 'It's hard to see how an investment by the largest {cable operator} in the weaker of the two networks is anti-competitive, when the stronger of the two networks is owned by the second largest' cable operator, Mr. Kern said. 16 In addition to owning HBO, with 22 million subscribers, Time Warner separately operates cable-TV system serving about 5.6 million cable-TV subscribers. 17 Tele-Communications controls close to 12 million cable subscribers, and Viacom has about one million. 18 In its suit against Time, Viacom says the ownership of both cable systems and cable-programming networks gives the company too much market power. 19 Time argues that in joining up with Tele-Communications, Viacom has potentially more power, particularly since Viacom also owns cable networks MTV, VH-1 and Nick at Nite. 20 Ironically, Tele-Communications and Time have often worked closely in the cable business. 21 Together, they control nearly 40% of Turner Broadcasting Systems Inc.; Tele-Communications has a 21.8% stake, while Time Warner has a 17.8% stake. 22 But since Time's merger with Warner Communications Inc., relations between the two have become strained. 23 Each company worries that the other is becoming too powerful and too vertically integrated. 24 Meanwhile, some legal observers say the Tele-Communications investment and other developments are weakening Viacom's antitrust suit against Time. 25 Viacom accuses Time in its suit of refusing to carry Showtime or a sister service, The Movie Channel, on Time's Manhattan Cable TV system, one of the nation's largest urban systems. 26 But yesterday, Manhattan Cable announced it will launch Showtime on Nov. 1 to over 230,000 subscribers. 27 Showtime has also accused HBO of locking up the lion's share of Hollywood's movies by signing exclusive contracts with all the major studios. 28 But Showtime has continued to sign new contracts with Hollywood studios, and yesterday announced it will buy movies from Columbia Pictures Entertainment Inc., which currently has a non-exclusive arrangement with HBO.

Last week , Tele - Communications agreed to pay Viacom Inc . $ 225 million for a 50 % stake in its Showtime subsidiary , which is a distant second to Time ' s Home Box Office in the delivery of pay - TV networks to cable subscribers .

agreed

What were some of the terms of negotiation that may be of significance?

1 Time Warner Inc. is considering a legal challenge to Tele-Communications Inc. 's plan to buy half of Showtime Networks Inc., a move that could lead to all-out war between the cable industry's two most powerful players. 2 Time is also fighting the transaction on other fronts, by attempting to discourage other cable operators from joining Tele-Communications as investors in Showtime, cable-TV industry executives say. 3 Time officials declined to comment. 4 Last week, Tele-Communications agreed to pay Viacom Inc. $225 million for a 50% stake in its Showtime subsidiary, which is a distant second to Time's Home Box Office in the delivery of pay-TV networks to cable subscribers. 5 Tele-Communications, the U.S.'s largest cable company, said it may seek other cable partners to join in its investment. 6 Tele-Communications is HBO's largest customer, and the two have a number of other business relationships. 7 Earlier this year, Time even discussed bringing Tele-Communications in as an investor in HBO, executives at both companies said. 8 The purchase of the Showtime stake is 'a direct slap in our face,' said one senior Time executive. 9 Time is expected to mount a legal challenge in U.S. District Court in New York, where Viacom in May filed a $2.5 billion antitrust suit charging Time and HBO with monopolizing the pay-TV business and trying to crush competition from Showtime. 10 Executives involved in plotting Time's defense say it is now preparing a countersuit naming both Viacom and Tele-Communications as defendants. 11 The executives say Time may seek to break up the transaction after it is consummated, or may seek constraints that would prevent Tele-Communications from dropping HBO in any of its cable systems in favor of Showtime. 12 Viacom officials declined to comment. 13 Jerome Kern, Tele-Communications' chief outside counsel, said he wasn't aware of Time's legal plans. 14 But he said that any effort by Time to characterize the Tele-Communications investment in Showtime as anti-competitive would be 'the pot calling the kettle black.' 15 'It's hard to see how an investment by the largest {cable operator} in the weaker of the two networks is anti-competitive, when the stronger of the two networks is owned by the second largest' cable operator, Mr. Kern said. 16 In addition to owning HBO, with 22 million subscribers, Time Warner separately operates cable-TV system serving about 5.6 million cable-TV subscribers. 17 Tele-Communications controls close to 12 million cable subscribers, and Viacom has about one million. 18 In its suit against Time, Viacom says the ownership of both cable systems and cable-programming networks gives the company too much market power. 19 Time argues that in joining up with Tele-Communications, Viacom has potentially more power, particularly since Viacom also owns cable networks MTV, VH-1 and Nick at Nite. 20 Ironically, Tele-Communications and Time have often worked closely in the cable business. 21 Together, they control nearly 40% of Turner Broadcasting Systems Inc.; Tele-Communications has a 21.8% stake, while Time Warner has a 17.8% stake. 22 But since Time's merger with Warner Communications Inc., relations between the two have become strained. 23 Each company worries that the other is becoming too powerful and too vertically integrated. 24 Meanwhile, some legal observers say the Tele-Communications investment and other developments are weakening Viacom's antitrust suit against Time. 25 Viacom accuses Time in its suit of refusing to carry Showtime or a sister service, The Movie Channel, on Time's Manhattan Cable TV system, one of the nation's largest urban systems. 26 But yesterday, Manhattan Cable announced it will launch Showtime on Nov. 1 to over 230,000 subscribers. 27 Showtime has also accused HBO of locking up the lion's share of Hollywood's movies by signing exclusive contracts with all the major studios. 28 But Showtime has continued to sign new contracts with Hollywood studios, and yesterday announced it will buy movies from Columbia Pictures Entertainment Inc., which currently has a non-exclusive arrangement with HBO.

Tele - Communications , the U . S . ' s largest cable company , said it may seek other cable partners to join in its investment .

U . S . ' s largest cable company ,

who is the second largest?