Mergers: Canceled Show

When two companies agree to merge and then the deal falls through, neither side is likely to be very happy about it. Last week, after International Telephone & Telegraph Corp. called off its proposed get-together with American Broadcasting Companies, Inc., the reaction was not at all usual: sighs of relief were audible in the front offices of both companies.

For ITT Chairman-President Harold Geneen, who had hoped to fashion the two firms into a $2.5 billion telecommunications colossus, the decision was largely a matter of money. Announced in December 1965, the merger has been held up by Justice Department antitrust...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!