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TIME: Almanac 1990
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1990 Time Magazine Compact Almanac, The (1991)(Time).iso
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092589
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09258900.012
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1990-09-17
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BUSINESS, Page 57Business NotesCOMIC BOOKSRichie Rich Finds a Friend
Jeffrey Montgomery, 25, a California entrepreneur, is often
compared with Richie Rich, the towheaded, chubby-cheeked comic-book
character. They both have wealthy fathers: Montgomery's is James
Montgomery, chief executive of Great Western, a financial-services
company. And Jeffrey is just as precocious as Richie. Last month
young Montgomery paid $6 million to buy Harvey Publications, which
owns the rights to Richie Rich, Casper the Friendly Ghost, Baby
Huey and other characters.
Montgomery aims to revive the laggard Harvey, which in the
1940s ranked as the top seller of comic books but last year was in
the No. 4 position. Montgomery, who bought the firm from the Harvey
family with money he raised from outside investors, aims to boost
circulation 50% in the next two years, to 3 million. He is also
eager to market the company's library of 248 motion-picture
cartoons from the 1950s and '60s, which would be included in a line
of videocassettes. Montgomery, who graduated last year from USC's
School of Film and Television, plans to start an animation studio
as well. Montgomery may be young, but he is following in a
tradition: Alfred Harvey was only 26 when he founded the company
in 1940.