After ten years of agile legal footwork, Paramount Pictures, Inc. last week tossed in the sponge in its antitrust fight with the Justice Department. It approved a consent decree agreeing to split itself into two separate companies, one to make and distribute movies, the other to operate theaters.
Paramount President Barney Balaban put on a brave front. Said he: "The consent judgment . . . opens the way to one of the most constructive moves in the history of the corporation." But the constructive move broke up one of the biggest and most profitable U.S. movie companies at a time when...
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