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I think at one time I owned forty per cent of the magazine. But then we ultimately sold it to Dow Jones. I thought Dow Jones could make it work, but they couldn't make it work, either. I think they ultimately sold it. And they paid $10 million dollars to us for it. I didn't get forty per cent of $10 million, because in the meantime we had sold almost all of it to Time Warner, and in order to get our money they owed us, we had to find somebody to buy the whole thing. Warren Phillips, who was then chairman of Dow Jones, bought it.

But that was my experience in one magazine. I think I had another magazine experience, but I can't now recall what it was. But that was enough. It wasn't something I knew enough about--although I did know more about it than the average investor, I simply wasn't that close to magazine publishing. And I grew up in a rather rich environment in broadcasting, because we made a lot of money and magazines don't make a lot of money. It's a marginal kind of business.

[END TAPE ONE, SIDE TWO; BEGIN TAPE TWO, SIDE ONE]

[Interviewer's note--Off tape, Dr. Stanton and I conclude that the AEA discussion is over for this session, and that we will double back to CBS so that we can have a fuller discussion of his role in the success of Columbia Records.]

Columbia Records was acquired in the mid-to-late thirties. It came into the family- -that is, it came into what was then Columbia Broadcasting System through one of the directors. I think Ike Levy was Bill Paley's brother-in-law. No, it wasn't a brother-in-law, but he was the brother of Bill's brother-in-law, and Ike was a guy that had a lot of contacts in show business. He knew that the record company was having a tough time, in some measure