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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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102389
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10238900.006
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1990-09-22
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BUSINESS, Page 71Business NotesRECORDING INDUSTRYDutch Treat for Herb and Jerry
Polygram Records, the Dutch-owned music giant, wants to turn
up its volume in a big way. Polygram aims to increase its 8% market
share in the U.S. by acquiring respected independent firms, which
are becoming a rare breed. In August the company paid $300 million
to purchase Britain's Island Records, a pioneer in reggae and
progressive rock. Last week Polygram said it reached an agreement
to swallow an even bigger target: A&M Records, the label founded
by Tijuana Brassist Herb Alpert and promoter Jerry Moss. The price,
which was not disclosed, was estimated at as much as $500 million.
Alpert and Moss started the company with a $200 investment 27
years ago in the garage of the trumpeter's home in suburban Los
Angeles. A&M, with sales of $300 million last year, has a stable
of recording stars that includes Janet Jackson, Suzanne Vega, Toni
Childs and Sting. Says Alpert, 54, who will continue to help run
A&M after the merger is completed: "We'll have more visibility and
more muscle."