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Below is bio material on Steven J. Ross, chairman and co-ceo of Time Warner Inc., who passed away this morning:

 STEVEN J. ROSS, CHAIRMAN AND CO-CEO, TIME WARNER INC.
 NEW YORK, Dec. 20 /PRNewswire/ -- Mr. Ross became chairman and


co-chief executive officer of Time Warner Inc. in May 1990, following the merger of Warner Communications Inc. (WCI) with Time Inc.
 In the three years since its formation, Mr. Ross's strategic vision led the new company to the forefront of global and technological leadership in media and entertainment.
 In a 1990 speech he said, "For generations, statesmen and philosophers have shared this desire to create a single international community, without boundaries or divisions that halt the free flow of ideas, information, culture, or commerce.
 "We are, more than ever, in the vanguard of that drive. For in the last 15 or 20 years an acceleration of technology, especially in the area of communications, has provided the means to make it a reality."
 Mr. Ross's stewardship was crucial in the formation of the company's first strategic alliance with Toshiba and Itochu in October 1991. His idea of creating strategic alliances at the subsidiary level was designed to enable the company to enter emerging and established markets around the world while assuring that each local subsidiary operates autonomously, retaining its national identity and cultural orientation.
 Ever since the early sixties, Mr. Ross has been among the pioneers of new interactive electronic technologies. Quantum, the world's first 150 channel interactive cable system in Queens, New York, launched in December, 1991, forms the backbone of the company's continuing development of a digital interactive pathway for Time Warner's products as well as a myriad of new services.
 Mr. Ross's financial acumen enabled the company to continue to grow even as it attacked the debt incurred at the time of the merger. In the largest rights offering ever completed the company raised $2.6 billion in 1991 and continues to find innovative means of addressing its balance sheet.
 Prior to the creation of Time Warner, Mr. Ross founded and served as chairman and chief executive officer of Warner Communications Inc. (WCI). Under his leadership, WCI's revenues grew from $17 million in 1961 to $4.2 billion in 1988. Over the same period, the company's market value increased from $12 million to $14 billion. Of the 26 years during which the shares of the company have been publicly held, 22 years showed increased earnings over the prior year. Between year end 1976 and 1989 when WCI common stock was sold to Time Inc. for $70 per share (including losses incurred in the early 1980s by the company's Atari video game division), compound return to shareholders averaged more than 24 percent per year.
 WCI's precursor was Kinney Service Corp., which Ross took public in 1962.
 The company began its turn toward entertainment and communications in 1969 when National Kinney, as it was then known, acquired Warner Bros. Inc., which included the Warner-Seven Arts movie studio and the Warner Bros., Reprise, and Atlantic record companies. In the same year, at Ross's direction, the company began exploring new technologies principally videocassettes and cable television that could greatly expand the potential markets for motion pictures.
 By 1971, several factors inspired Ross to transform the company completely. The overwhelming success of the movie Woodstock proved the viability of motion picture production within the company's structure. Recognizing the burgeoning mass appeal of rock music, Ross also realized the critical importance to the record group of establishing its own distribution company in the United States and a worldwide network of offices to distribute its products, including videocassettes, which he anticipated would become a reality during the next decade. At the same time, studies confirming the promise of cable TV led Ross to acquire TeleVision Communications Corp., an Ohio-based operator, and the cable TV business of Continental Telephone Corp.
 Thus, to reflect this overall change in focus to entertainment and leisure-time businesses, the company was renamed Warner Communications Inc.
 Through the next two decades, WCI both expanded its core businesses and explored new ventures, including theme parks, toys and electronic games and cosmetics.
 WCI marked many advances in cable, both in hardware and software. Its QUBE service, initiated by Ross in the mid-1970s, was the pioneer in interactive systems. And WCI, in a cable partnership with American Express Co., created and launched Nickelodeon, a cable channel for children; The Movie Channel, the nation's first 24-hour pay service; and in 1981 the phenomenal MTV: Music Television cable channel.
 Ross's persistent belief that software would drive the entertainment industry led to WCI's 1989 acquisition of Lorimar Telepictures, a major television production and distribution company. Lorimar strengthened the company's programming group by adding first-run syndication to Warner Bros. Television's strong arsenal of network and off-network products. The combination of Warner Bros. Television and Lorimar established WCI as the world's largest producer of television programming. In 1989 Warner had more television programs on network TV than its three closest competitors combined.
 By 1990, most of the core businesses that WCI had developed film, TV programming home video, recorded music and music publishing, and cable television were global leaders. Contributing to this preeminence was the fact that, over the past two decades, Ross had ensured that WCI owned 100 percent of all forms of distribution for its products around the world a characteristic that makes it unique among entertainment companies. The distribution network strengthened the company's international sales to the point where it generated 40 percent of total revenues from overseas by the time it merged into Time Inc.
 Ross was involved in many philanthropic and civic activities. His varied interests emphasized a special commitment to youth, equality of opportunity and humanitarian causes, education, international affairs and the arts.
 He was married to Courtney Sale Ross.
 -0- 12/20/92
 /CONTACT: Edward Adler of Time Warner, 212-484-6630/


CO: Time Warner Inc. ST: New York IN: SU:

JP -- NYSU006 -- 8547 12/20/92 16:15 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Dec 20, 1992
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