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Andrew HeiskellAndrew Heiskell
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Session:         Page of 824

Washington, whose main purpose was lobbying.

Q:

Okay. Just one more thing about yesterday. Well, couple of things. First of all, as long as we're on this, let's talk about stock ownership in Time. Why don't you trace stock ownership, in a way, and how it effected the corporation--the changes in it--you know, with Luce's death, the acquisitions that took place, ergo the Temple stock ownership, etc.

Heiskell:

Well, in the early days, of course, Luce owned a very considerable--Luce and Larson, together owned a very considerable part of the company. And I think if you included Stillman, and maybe one other person, it was close to 30% management held. When we acquired Temple--when we acquired Eastex, we were able to do that pretty much with cash, and the benefits that we got from the dissolution of Houston Oil, in which we were big stock holders. When we bought Temple, then there was real dilution, because Temple got--I forget exactly what percentage, but it seems to me that he ended up--his family ended up--and they were a very extended family--ended up with about 15% of Time Incorporated. And by that time--and then shortly after, with Luce's death--

Q:

Luce's death was prior to Temple.

Heiskell:

No.

Q:

Luce's death was 196--



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