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Steven Jay Ross (born Steven Jay Rechnitz; April 5, 1927 – December 20, 1992) was an American businessman and CEO of Time Warner (now Warner Bros. Discovery), Warner Communications, and Kinney National Services, Inc. Ross is also known for helping to popularize soccer in the United States.
Early life and education
Ross was born Steven Jay Rechnitz on April 5, 1927 in Brooklyn, New York City, the son of Jewish immigrants. His father—who lost all his money during the Great Depression—changed the family name to Ross in hope of finding work with fewer struggles. Ross attended Paul Smith's College for two years and then joined the U.S. Navy. After his military service, he went to work at his uncle's store in the Garment District in Manhattan.
Career[edit]
In 1953, he married Carol Rosenthal, the daughter of a Manhattan funeral home owner, Edward Rosenthal, who operated the largest funeral company in the United States, Riverside Memorial Chapel, where he accepted employment as a funeral director. After noticing that the limousines used in funeral processions were not being used at night, he convinced his father-in-law to let him establish a separate company that would lease out the vehicles in the evenings.[1] The company was solidly profitable[ and enabled Ross to obtain bank financing to start a rental company, Abbey Rent a Car.
He later merged Abbey with a parking lot operator, the Kinney Parking Company, which was then owned by underworld crime figures Manny Kimmel and Abner Zwillman, and added an office cleaning business (which was jointly owned by the funeral home and a cousin of his father-in-law). Kinney was taken public in 1962 with a market valuation of $12.5 million. In 1964, Kinney purchased wood flooring manufacturer Circle Floor from Seymour and Paul Milstein for $15 million with Paul remaining as manager of the unit until 1971.
Ross served as company president and moved the firm from downtown New York to 10 Rockefeller Plaza. In 1966, Kinney expanded into the entertainment business by purchasing the Ashley-Famous talent agency (founded by Ted Ashley) and then in 1969, Kinney paid $400 million for the ailing Warner Bros.-Seven Arts film studio and television and record business. Three years later, after spinning off its non-entertainment assets, Kinney National Services renamed itself Warner Communications with Ross serving as co-CEO from 1969 to 1972.
Warner Communications/Time Warner
In 1971, Warner expanded into the cable television business by purchasing various small cable companies. Ross competed directly with the Big Three television networks that dominated television broadcasting, believing in the potential of narrowcasting whereby separate cable channels were developed to target specific audiences with narrower interests, mirroring the radio station model. This pioneering approach led to the creation of the successful cable TV channels MTV and Nickelodeon which were both later sold at a great profit.[1]
In 1972, Ross was appointed CEO, president and chairman of Warner Communications. He introduced an incentive-based compensation program and delegated responsibility to his middle managers. His support and commitment to his employees, combined with lucrative financial incentives and a hands-off management style, inspired deep loyalty. Many employees saw him as a father figure: "Steve was very much what I wish my father was," Steven Spielberg said. Spielberg dedicated his 1993 film Schindler's List to Ross.
In 1976, Warner Communications purchased Atari, Inc. and had great success with its Atari 2600 consoles. But by 1983, Atari collapsed in the wake of the video games crash that same year, leaving Warner Communications vulnerable to a hostile takeover. Rupert Murdoch tried to buy Warner, but Ross was able to impede him by selling 20 percent of Warner to Chris-Craft Industries (then controlled by Herbert J. Siegel)
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