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TIME: Almanac 1990
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1990 Time Magazine Compact Almanac, The (1991)(Time).iso
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time
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042489
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04248900.008
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1990-09-17
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839b
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BUSINESS, Page 54Business NotesENTERTAINMENTShedding an Old Skin
What do Consolidated Cigar and the Richmond Screw Anchor Co.
have in common? Both were once owned by the quintessential
conglomerate of the 1960s: Gulf & Western. The diverse mix of
businesses proved so unmanageable by the early 1980s that G&W
Chairman Martin Davis launched a campaign to spin off more than 100
subsidiaries. Last week the company once known as Engulf & Devour
said it will sell one of its few remaining divisions, Associates
First Capital Corp., a financial services company. Davis hopes to
use the estimated $3 billion in proceeds to assemble a world-class
media and entertainment giant. The restructured company, which
already owns Paramount Pictures and Simon & Schuster/Prentice-Hall,
will be renamed Paramount Communications.