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Cadence Industries

From Wikipedia, the free encyclopedia
This article is about the defunct conglomerate, not the later Cadence Industries, a telecommunication-product distributor.
Cadence Industries Corporation
FormerlyPerfect Film & Chemical Corporation
(1962–1973)
Company typePublic
IndustryMedication
Publishing
Predecessor
Founded1962; 62 years ago (1962)
FounderMartin S. Ackerman
Defunct1986; 38 years ago (1986)[1]
FateLiquidated
Headquarters
Caldwell, New Jersey[2]
,
United States
Products
  • Drugs
  • Health aids
  • Vitamins
  • Magazines
  • Comic books
ServicesFilm processor
Mail order
DivisionsMarvel Comics Group (1973–1986)
Subsidiaries

Cadence Industries Corporation, formerly known as Perfect Film & Chemical Corporation, was an American conglomerate owned by Martin S. Ackerman. From 1968 through 1986, Cadence Industries was the parent company of Marvel Comics Group (formerly known as Magazine Management).

History

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Perfect Film

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Perfect Film & Chemical Corporation (Perfect Film) was formed in 1962 by Martin S. Ackerman[3] from parts of his first four acquisitions: United Whelan Corporation, Hudson National, Perfect Photos, and Equality Plastics Inc. Hudson was a mail-order pharmaceuticals firm,[4] and Equality Plastics, a consumer-products distributor.[5] Perfect Film sold off Whelan drugstores and the Pathé motion picture laboratory.[3]

In early 1968, Perfect Film purchased Popular Library, a paperback book company.[5] In 1968, Perfect Film loaned $5 million to Curtis Publishing Company, publisher of the Saturday Evening Post, at the request of Curtis' primary loan holder, First National Bank of Boston.[5] In June and July 1968, Perfect Film sold US$40 million worth of securities, more than double the company's long-term debt. Later that year, it bought out publisher Martin Goodman – owner of Magazine Management Company, the parent of Marvel Comics and other ventures – and made Magazine Management the direct subsidiary. It placed its other corporations as subsidiaries of that.[4] Also in 1968, Perfect Film purchased the Desilu Studios-Culver City complex[6] and Plume & Atwood Industries.[7]

In March 1969, Perfect Film and Commonwealth United Corporation had tentatively agreed to a merger of Commonwealth and Plume & Atwood.[8] Despite attempts to revive the Saturday Evening Post 's circulation, and with the lack of a purchaser, Curtis Publishing shut the magazine down in 1969. Perfect Film purchased Curtis Circulation Company that same year from Curtis Publishing.[3] Also in 1969, OSF Industries purchased the Desilu Studios in Culver City from the corporation, becoming The Culver City Studios the following year.[6] Ackerman left Perfect Film In 1969.[9]

Perfect Film sold Popular Library in 1970 to Fawcett Publications[10] In July 1970, Perfect Film agreed to sell its 50.5% ownership in Plume & Atwood to Cinerama.[11]

Cadence Industries

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Under president and CEO Sheldon Feinberg,[12] the Company renamed itself Cadence Industries Corporation in 1970.[13] In 1981, Cadence's Hudson Pharmaceutical Corporation hired Venet Advertising to advertise the company's Hudson Vitamins unit, makers of Spider-Man chewable vitamins.[14]

Mario Gabelli had invested in Cadence as he and his investing firm specialized in investing in potential takeover targets.[15] In 1983, Cadence's management, including Marvel President Jim Galton, made an offer for the company's share in order to take the company private. Gabelli considered the offer low and instead put the share up for sale on the open market. Cadence executives sued Gabelli over that attempted share sale, claiming the sale was an attempt to take control.[15] When Cadence Industries was liquidated in 1986, it sold Marvel Entertainment Group to New World Pictures[1] while Curtis Circulation was sold to Joseph M. Walsh and Hachette Distribution Services.[16]

Units

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References

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  1. ^ a b Hicks, Jonathan (November 8, 1988). "The Media Business; Marvel Comic Book Unit Being Sold for $82. 5 Million". The New York Times. Retrieved May 5, 2011.
  2. ^ "Weddings; Lori A. Feinberg, Steven C. Kany". The New York Times. September 24, 1995. Retrieved 22 August 2011.
  3. ^ a b c d Welles, Chris (February 10, 1969). "Post-Mortem". New York. pp. 32–36. Retrieved August 5, 2011.
  4. ^ a b c Nadel, Nick (August 31, 2009). "The Strange Business History of Marvel Comics". Comics Alliance. Archived from the original on 19 March 2012. Retrieved 4 May 2011.
  5. ^ a b c d "Magazines: New Man for Curtis". Time. Time Inc. May 3, 1968. Archived from the original on May 24, 2011. Retrieved 6 August 2011.
  6. ^ a b "City History & Info: 9336 Washington (Ince's second)". City of Culver City. Archived from the original on July 10, 2011. Retrieved September 23, 2011.
  7. ^ "Records & Briefs New York State Appellate Division". Library of the New York Law Institute. November 4, 1968.
  8. ^ a b "Merger Near for Perfect". Tri City Herald. March 20, 1969. p. 21. Archived from the original on January 24, 2013. Retrieved 23 September 2011.
  9. ^ Lambert, Bruce (August 4, 1993). "Martin Ackerman, 61, Publisher; Closed The Saturday Evening Post". The New York Times. Retrieved September 10, 2011.
  10. ^ "Copyrights of Golden-Age Comics". Golden-Age Comic book Superheroes & Villains Encyclopedia. Retrieved 20 September 2011.
  11. ^ "Cinerama to Buy Plume & Atwood; Will Acquire 50.5% Interest Held by Perfect Film". The New York Times. July 1970. Retrieved September 23, 2011.
  12. ^ Ro, Ronin (2004). Tales to Astonish: Jack Kirby, Stan Lee and the American Comic Book Revolution. Bloomsbury USA. p. 179. ISBN 978-1-58234-345-7.
  13. ^ "Cadence Industries Corporation Entity Information (DOS ID #: 33485)". Division of Corporations. New York State Department of State. Retrieved July 24, 2017.
  14. ^ a b Dougherty, Philip H. (November 9, 1981). "Advertising; Hudson Vitamins Assigned to Venet". The New York Times. Retrieved September 23, 2011.
  15. ^ a b Wallace, Anise C. (July 8, 1984). "Investing; Cashing In on the Merger Madness". The New York Times. Retrieved July 24, 2017.
  16. ^ a b c d "Joseph Walsh: Executive Profile & Biography". Business Week. August 23, 2011. Archived from the original on October 15, 2012. Retrieved August 23, 2011.
  17. ^ Mangel, Andy (May 1991). "Reel Marvel". In Jim Salicrup (ed.). Marvel Age Issue 100. Marvel Comics. Retrieved 25 October 2011.
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