Acquisitions: CBS Buys Books

In a series of acquisitions starting in 1964, CBS's big eye has fallen most notably on such things as banjos and baseball. Though he has long proclaimed his company's "enthusiasm for those things which can improve the process of education," CBS Chairman William S. Paley has been tardy in joining the emerging knowledge industry. Last week Paley announced that CBS was enrolling at last by buying out—in a deal involving an estimated $275 million in CBS stock—Manhattan's venerable publishing house of Holt, Rinehart & Winston.

The acquisition of Holt will give CBS a prime spot in the knowledge industry, which...

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