Chris-Craft Industries
Former American diversified industrial and broadcasting company that evolved from an automotive-trim supplier into a major television-station owner and co-founder of UPN.
Last updated October 14, 2026
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Overview
Chris-Craft Industries was a diversified American company whose corporate history connected automotive materials, chemicals, boatbuilding, television broadcasting, and network television. It began in Detroit in 1928 as National Automotive Fibers, a supplier of upholstery, carpeting, interior trim, and plastic components to automobile manufacturers including Chrysler, Ford, and Studebaker-Packard. Although the business was commercially successful, its dependence on the automotive sector left it vulnerable to industry conditions. After a substantial loss in 1956, investment banker Paul V. Shields acquired control and began reshaping the company through product-line reductions and diversification. The company expanded into chemicals through its ownership of Montrose Chemical and into radio and television broadcasting. In 1959, the business adopted the name NAFI Corporation. That year, NAFI and a group led by entertainer Bing Crosby acquired KPTV in Portland, Oregon; the corporation also became involved with KCOP-TV in Los Angeles. These transactions marked the beginning of a long-term shift toward media ownership. The company’s acquisition of Chris-Craft Boats in 1960 brought a recognizable consumer name into the corporate structure, and the merged business was renamed Chris-Craft Industries in 1962. A brief move into brewing followed through the acquisition of Old Crown Brewing Corporation, although that business was later sold to its employees. Chris-Craft’s boat operations were historically associated with mahogany-hulled powerboats, particularly during the 1920s through the 1950s. During the 1960s, the company attempted to modernize its marine offering as fiberglass became increasingly important in recreational boating. The 1964 launch of the fiberglass Chris-Craft Commander represented this transition. The Commander began as a 38-foot express hardtop and developed into a broader range of fiberglass boats. Nevertheless, manufacturing and design competition weakened the boat division’s position. Competitors used newer fiberglass production methods and lower-cost manufacturing approaches, while Chris-Craft continued to carry the legacy of more expensive construction. The company ended production of its last mahogany-hulled Constellation in 1971 and sold the boat division to Murray Industries in 1981, retaining the Chris-Craft trademark and licensing it to the buyer. Corporate control also changed during this period. In 1968, Baldwin-Montrose Chemical Company acquired a controlling interest and installed Herbert J. Siegel as chairman. By 1977, Chris-Craft had consolidated its television assets in BHC, Inc., with KCOP and KPTV held through Chris-Craft Television. The company also pursued an ambitious media strategy involving 20th Century Fox. It acquired a stake in Fox and unsuccessfully attempted a hostile takeover in 1979. In 1981, its then-20 percent Fox interest was exchanged with Marvin Davis and Marc Rich for a 19 percent interest in United Television. After selling the boat division, Chris-Craft Industries concentrated on broadcasting. BHC expanded through acquisitions, including WWOR-TV in the New York area in 1992 and stations in Baltimore and Orlando later in the decade. In 1994, BHC and Paramount Television announced United Paramount Network, or UPN, a new network aimed initially at a young male audience. Chris-Craft initially owned all of UPN, while Paramount held an option to acquire an equal stake. Viacom exercised that opportunity in 1997, purchasing 50 percent for $160 million. The later Viacom-CBS merger created regulatory and contractual uncertainty because of restrictions concerning common ownership of broadcast networks. BHC challenged the merger in court but lost, then sold its remaining UPN interest to Viacom for $5 million. Following substantial losses associated with UPN and uncertainty about the network’s future, Chris-Craft announced its withdrawal from broadcasting. Its television stations were ultimately sold to News Corporation’s Fox Television Stations, with the transaction closing on July 31, 2001. The sale ended Chris-Craft Industries’ principal operating history as a diversified corporation. The Chris-Craft name later continued in the recreational-boat market through separate ownership and licensing arrangements, but that later boat business should not be confused with the former diversified corporation.
History
Chris-Craft Industries originated as National Automotive Fibers, founded in Detroit in 1928 to manufacture interior materials for automobile companies. Its products included upholstery, carpeting, trim, and plastics. The company later acquired Montrose Chemical Company, but automotive supply remained its primary business until financial pressure exposed the limits of that concentration. In 1956, National Automotive Fibers recorded a major loss. Paul V. Shields, a senior partner at Shields & Company, acquired the company and pursued diversification, reducing some product lines while adding oil and gas, broadcasting, and other activities. The corporation became NAFI Corporation in 1959. Its broadcasting expansion began with the acquisition of KPTV in Portland, Oregon, by NAFI and a group led by Bing Crosby. The corporation also acquired an interest connected with KCOP-TV in Los Angeles. Chris-Craft Boats was acquired by NAFI in 1960, and the combined company adopted the Chris-Craft Industries name in 1962. The Chris-Craft name came from a boatbuilder known for high-quality powerboats, especially mahogany craft that were prominent from the 1920s through the 1950s. Chris-Craft Industries also bought Old Crown Brewing Corporation in 1962, but sold the brewery to its employees soon afterward. The boat business faced an industry-wide shift toward fiberglass construction. Chris-Craft introduced the fiberglass Commander in 1964 at the New York City National Boat Show. The initial model was a 38-foot express hardtop, and the Commander range subsequently expanded across multiple sizes. The company nevertheless lost market share to competitors with newer designs and less costly production. Its last mahogany-hulled Constellation was produced in 1971. In 1981, Chris-Craft Industries sold the boat division to Murray Industries and retained the trademark under a licensing arrangement. In 1968, Baldwin-Montrose Chemical Company acquired control of Chris-Craft and installed Herbert J. Siegel as chairman. During the 1970s, the company increasingly organized itself around media assets. In 1977, it formed BHC, Inc. to hold its television properties, including KCOP and KPTV, through Chris-Craft Television. It also acquired a stake in 20th Century Fox and attempted an unsuccessful hostile takeover in 1979. In 1981, the Fox stake was exchanged for an interest in United Television. The sale of the boat division left broadcasting as Chris-Craft Industries’ central operating activity. BHC expanded its station portfolio, acquiring Pinelands and WWOR-TV in 1992, and later adding stations in Baltimore and Orlando. In 1994, BHC and Paramount Television created UPN. Chris-Craft initially held complete ownership, with Paramount retaining an option to acquire half. Viacom purchased a 50 percent share in 1997 for $160 million. The subsequent Viacom-CBS merger created a conflict with broadcast-network ownership rules and raised questions about UPN’s future. BHC brought a lawsuit against the merger but was unsuccessful. It sold its remaining UPN interest to Viacom for $5 million and then announced that it would leave broadcasting after heavy losses tied to UPN. Fox Television Stations ultimately acquired the Chris-Craft station group, closing the transaction on July 31, 2001. This sale marked the end of Chris-Craft Industries as a significant operating company.
- 2001
Television stations are sold to Fox
[1]Fox Television Stations completes its acquisition of the Chris-Craft station group on July 31, ending the company’s broadcasting operations.
- 1997
Viacom buys half of UPN
[1]Viacom acquires a 50 percent interest in UPN for $160 million.
- 1994
UPN is announced
[1]BHC and Paramount Television announce United Paramount Network, which launches programming in early 1995.
- 1992
BHC acquires WWOR-TV
[1]BHC acquires Pinelands, the MCA spin-off holding WWOR-TV in the New York area.
- 1979
Hostile bid for 20th Century Fox fails
[1]Chris-Craft attempts to take over 20th Century Fox but does not succeed.
- 1977
BHC is formed
[1]Chris-Craft creates BHC, Inc. to hold its television properties, including KCOP and KPTV.
- 1971
Production of the last mahogany Constellation ends
[1]Chris-Craft ends production of its final mahogany-hulled Constellation model.
- 1968
Baldwin-Montrose gains control
[1]Baldwin-Montrose Chemical Company takes a controlling interest and Herbert J. Siegel becomes chairman.
- 1964
Fiberglass Commander is introduced
[1]Chris-Craft presents the fiberglass Commander at the New York City National Boat Show, signaling a move beyond its traditional mahogany construction.
- 1962
The corporation adopts the Chris-Craft Industries name
[1]Following the boat-company acquisition, the merged corporation is renamed Chris-Craft Industries.
Products and positioning
A diversified American holding company that moved from automotive supply and industrial materials into branded boatbuilding and, ultimately, television broadcasting.
Automotive components · 1928
Automotive interior materials
National Automotive Fibers supplied upholstery, carpeting, interior trim, and plastic products to major American automobile manufacturers. These materials formed the company’s original industrial base before diversification into chemicals, broadcasting, and branded consumer products.
Recreational boats
Chris-Craft mahogany powerboats
The traditional Chris-Craft range consisted of mahogany-hulled powerboats associated with the brand’s strongest period from the 1920s through the 1950s. The boats emphasized styling and craftsmanship, but their relatively expensive construction became less competitive as fiberglass production expanded.
Fiberglass recreational boats · 1964
Chris-Craft Commander
Introduced in 1964, the Commander was Chris-Craft Industries’ prominent fiberglass transition. The first model was a 38-foot express hardtop with a 13-foot beam, and the line later broadened to cover boats from approximately 19 to 60 feet.
Broadcasting assets · 1959
Television stations
Through BHC Communications and related subsidiaries, Chris-Craft owned and operated a portfolio of American television stations, including KCOP-TV, KPTV, WWOR-TV, and later stations in Baltimore and Orlando. These assets became the company’s core business after the boat division was sold.
Broadcast television network · 1995
United Paramount Network
UPN was a broadcast network created by BHC and Paramount Television. Chris-Craft initially owned the network outright, then shared ownership with Viacom after Viacom acquired a 50 percent stake in 1997. The network was intended to expand the company’s broadcasting presence beyond individual stations.
Brand decisions
2001
Exit from broadcastingStrategyBackground
After the UPN dispute and substantial losses associated with the network, the future of the company’s broadcasting strategy became uncertain.
Action taken
Chris-Craft announced that it would leave broadcasting and pursued a sale of its television stations.
Aftermath
News Corporation’s Fox Television Stations acquired the station group in a transaction completed on July 31, 2001, ending Chris-Craft Industries’ principal operating activities.
2000
Litigation over the Viacom-CBS mergerOtherBackground
The proposed Viacom-CBS merger raised concerns because broadcast regulations restricted companies from owning two broadcast networks, while the transaction also affected the parties’ UPN relationship.
Action taken
BHC filed a lawsuit challenging the merger as inconsistent with the UPN partnership.
Aftermath
BHC lost the lawsuit and subsequently sold its remaining UPN ownership to Viacom for $5 million.
Sale price for remaining UPN interest. $5 million (2000)
1997
Viacom purchases half of UPNM&ABackground
Paramount’s option under the original UPN arrangement allowed a major studio and media company to obtain an equal share.
Action taken
Viacom acquired a 50 percent interest in UPN for $160 million.
Aftermath
The partnership later became contentious after Viacom announced its merger with CBS, raising regulatory and contractual questions about common ownership of broadcast networks.
Purchase price for 50 percent of UPN. $160 million (1997)
1994
Creation of UPNProduct launchBackground
Chris-Craft’s broadcasting strategy had expanded from ownership of local stations toward participation in a national television network.
Action taken
BHC and Paramount Television announced United Paramount Network, which began broadcasting original prime-time programming in early 1995.
Aftermath
Chris-Craft initially owned all of UPN, but Viacom later acquired a 50 percent interest and became a major strategic partner.
1981
Divestiture of the boat divisionM&ABackground
The boat business had faced sustained competitive pressure from companies using newer designs and less expensive fiberglass manufacturing methods.
Action taken
Chris-Craft Industries sold the boat division to Murray Industries while retaining the Chris-Craft trademark and licensing it to Murray.
Aftermath
The company shifted its strategic focus to broadcasting and no longer directly manufactured the boats through its former boat division.
1977
Consolidation of television holdingsStrategyBackground
Television ownership had become an increasingly important part of the company’s diversified portfolio.
Action taken
Chris-Craft formed BHC, Inc. to hold its existing television stations through Chris-Craft Television.
Aftermath
BHC became the principal vehicle for later station acquisitions and the company’s UPN investment.
1964
Launch of the fiberglass CommanderProduct launchBackground
Fiberglass construction was becoming an important competitive alternative to traditional mahogany boatbuilding.
Action taken
Chris-Craft introduced the Commander, a fiberglass express hardtop, and expanded the line across multiple sizes.
Aftermath
The launch demonstrated an effort to modernize the boat portfolio, although the division continued to lose market share to lower-cost and innovative competitors.
1960
Acquisition of Chris-Craft BoatsM&ABackground
NAFI Corporation was seeking diversification and acquired an established powerboat company with a recognized consumer name.
Action taken
NAFI acquired Chris-Craft Boats and merged it into the corporation.
Aftermath
The corporate name changed to Chris-Craft Industries in 1962, making the boat brand the company’s public identity even as broadcasting grew in importance.
1959
Diversification beyond automotive supplyStrategyBackground
National Automotive Fibers had been concentrated in automotive materials and suffered a major loss in 1956.
Action taken
Under Paul V. Shields, the company reduced some automotive product lines and expanded into chemicals, oil and gas, radio, and television.
Aftermath
The corporation adopted the NAFI name and developed a broader portfolio that later supported its transformation into Chris-Craft Industries.
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