History
Seven Arts Productions acquired Jack L. Warner's controlling interest in Warner Bros. Pictures for $32 million in November 1966. [3] [4] [5] [6] The merger between the two companies was completed by July 15, 1967, and the combined company was named Warner Bros.-Seven Arts. Eliot Hyman, founder of Seven Arts, was named chairman. Warner Bros. Pictures president Benjamin Kalmenson served as president of the combined company. [7] Warner remained on the board as vice chairman. [8] Alan Hirschfield was named financial vice president in October. [9]
The head of production was Hyman's son, Kenneth Hyman. During his tenure, Hyman oversaw the production of hits like Bullitt , Girl On A Motorcycle, Rachel, Rachel and The Heart Is a Lonely Hunter , and The Wild Bunch, as well as George Lucas' first film THX 1138. [10] [11]
In February 1968, the company sold its 25% stake in Associated British Pictures Corporation to Electric & Musical Industries. [12]
The acquisition included Warner Bros. Records (which was renamed Warner Bros.-Seven Arts Records), and Reprise Records. [13] Later that same year, Warner Bros.-Seven Arts also purchased Atlantic Records. [14] [15]
Acquisition by Kinney
Within a year of the acquisition, Warner Bros.-Seven Arts was fielding merger offers. [16] By 1969, it had become a takeover target for multiple companies, including Commonwealth United Corporation, National General Corporation, and Kinney National Service. [17] However, concern over antitrust laws ultimately ruled out National General and Commonwealth, leaving Kinney as the preferred suitor. [18] Kinney sold its Ashley Famous talent agency in order to avoid any conflict of interest in the deal. [19]
Warner Bros.-Seven Arts was officially acquired by Kinney National Company in July 1969. The Hymans resigned from the company and Ted Ashley was named chairman of the film studio in August. [19] On December 16, 1969, Warner Bros.-Seven Arts was rebranded as Warner Bros. Inc.
The final film to be released under the Warner Bros.-Seven Arts name was Frankenstein Must Be Destroyed , which was released in February 1970. The studio's next film, Woodstock , which was released in March, was credited as a Warner Bros. production, and this credit would be applied to all other productions from the studio afterward with Warner Bros. reestablished as a major film studio.
In September 1971, Kinney National spun off its non-entertainment assets as National Kinney Corporation, and changed its name to Warner Communications Inc. [20] [21] [22] on February 10, 1972. [23]
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