German-born Moses Annenberg possessed several tabloids dedicated to horse racing and the theater. In addition, he possessed a cable service catering to horse racing; it was Bell Telephone’s fifth-largest customer.
Moses lived to a 2,000-acre ranch in the Black Hills of all Wyoming along with his wife, seven brothers and son, Walter.
After attending the Wharton School for a year, Walter combined His dad’s company. Collectively they obtained the Miami Tribune, Radio Guide, and many pulp magazines. However, in 1936 they left their main purchase, the Philadelphia Inquirer for $15 million-in cash!
Six months after, the IRS whined Moses and Walter for tax-evasion. Moses agreed to pay $9 million, plead guilty, and go to prison when the IRS would drop the charges from Walter. The IRS agreed. Moses moved to prison to serve a three-year sentence. Walter took the reins of this publishing empire, paid the taxes and renamed the company Triangle Publications. He maintained his dad’s office untouched, but Moses never returned he died a month after his release from prison.
Annenberg endured millions from his dad and turned it into billions. He had a good feeling for networking communication. Without a publications catering to young ladies, he started seventeen magazines in 1944 and named one of his sisters as editor.
A year after he obtained WFIL AM & FM and, in 1947, Formed WFIL-TV Channel 6 in Philadelphia; it turned into among the most lucrative TV channels in the nation. Philadelphia Informer obtained other TV surgeries in Pennsylvania, New York, Connecticut and California.
You will find many local TV magazines: TV Digest in Philadelphia, TV Forecast at Chicago, also TV Guides in New York and Washington, D.C. Annenberg obtained them for about $3 million and in April 1953, united them into a new journal, TV Guide.
TV guide, was a strange magazine, small enough to fit in one’s pocket and bearing a cost of 15 cents. Pundits scoffed, wondering just how a very small magazine that supplied the exact same information already accessible dailies across the country could triumph, but by 1977 it had the largest circulation of any American magazine, 20 million per week, while producing $1 million in profits-weekly!