Taft Broadcasting

Taft Broadcasting was an American media conglomerate headquartered in Cincinnati, Ohio. Its corporate identity emerged from the Taft family's ownership of the Cincinnati Times-Star and its entry into broadcasting in 1939, when the newspaper acquired Cincinnati radio station WKRC. The business expanded from local radio and television into a substantial group of network-affiliated stations across the United States. In 1959, the family's broadcasting subsidiaries were consolidated under the Taft Broadcasting Company name. During the 1960s and 1970s, Taft assembled a diversified portfolio of television stations, radio stations, television production companies, program distributors, animation studios, and amusement parks. Its station holdings included outlets in Cincinnati, Columbus, Birmingham, Knoxville, Kansas City, Buffalo, Scranton, Philadelphia, Washington, Miami, Pittsburgh, and other markets. A 1961 affiliation agreement with ABC converted several Taft stations to the network and helped establish the company as a significant affiliated-station operator. Taft also became an important force in entertainment production and distribution. It acquired Hanna-Barbera Productions in 1966 and later purchased Ruby-Spears Productions, Worldvision Enterprises, Sunn Classic Pictures, QM Productions, and other production or distribution assets. Through these businesses, the group participated in animated television, syndicated programming, television movies, feature-film projects, and international program sales. Its entertainment portfolio included well-known animated properties, although the company generally operated as an owner, producer, distributor, or corporate parent rather than as a consumer-facing entertainment brand. The company expanded into location-based entertainment through its KECO Entertainment division. Kings Island opened near Cincinnati in 1972, followed by Kings Dominion in Virginia in 1975. Taft also acquired Carowinds and participated in the development of Canada's Wonderland. These parks broadened the company beyond conventional broadcasting and eventually became a separately managed strategic asset. Taft's expansion produced a complex corporate structure and substantial regulatory exposure. Acquisitions sometimes created overlapping television-station interests, requiring divestitures or regulatory waivers. The company also sold radio and television assets to meet Federal Communications Commission ownership requirements and to reposition itself toward network affiliates and entertainment businesses. In 1987, Taft was acquired by TFBA Limited Partnership in a leveraged transaction and taken private. Later that year, Cincinnati businessman Carl Lindner Jr. gained control through a hostile takeover and reorganized the company as Great American Broadcasting, also known as Great American Communications. The original Taft corporate entity was consequently replaced, although the Taft name survived in successor companies and in historical references to the group's assets. Great American disposed of major holdings during the late 1980s and early 1990s, including Worldvision, its theme-park division, television stations, and animation-related assets. After entering Chapter 11 bankruptcy in 1993, Great American was renamed Citicasters Communications in 1994. Citicasters later merged with Jacor and was ultimately acquired by Clear Channel Communications, now known as iHeartMedia. The Taft/Citicasters corporate lineage remained within iHeartMedia's corporate structure until a later dissolution of the holding company in 2020.

Taft Broadcasting grew out of the Taft family's Cincinnati newspaper and broadcasting interests. In 1879, Charles Phelps Taft acquired Cincinnati newspapers that were combined into the Cincinnati Times-Star the following year. Under publisher Hulbert Taft Sr., the newspaper entered broadcasting in 1939 by acquiring WKRC radio and placing it under Radio Cincinnati, Inc. WKRC-TV began broadcasting in April 1949, giving the family its first television station. The business expanded during the 1950s through interests in Knoxville, Columbus, Birmingham, and Lexington. Taft acquired or invested in stations including WBIR, WTVN, WBRC, and WKYT. In 1959, the family's broadcasting subsidiaries were consolidated under the Taft Broadcasting Company name. This formal consolidation was completed through a series of corporate mergers extending into 1960. In 1961, Taft entered a broad affiliation arrangement with ABC. Several stations switched to ABC, strengthening the company's relationship with the network. Taft then expanded into additional major markets through the acquisition of stations from Transcontinent Television Corporation, including outlets in Kansas City, Buffalo, and Scranton. The company also continued to buy, sell, and exchange stations as it managed regulatory ownership limits and strategic priorities. A major turning point came in 1966, when Taft acquired Hanna-Barbera Productions. This purchase transformed the company from primarily a station group into a diversified entertainment enterprise. Taft later created or acquired television production and distribution operations, including Rhodes Productions, Taft-H-B Program Sales, Taft-H-B International, Worldvision Enterprises, QM Productions, Sunn Classic Pictures, and Ruby-Spears Productions. These businesses supplied animated series, syndicated programs, television movies, miniseries, and film projects to broadcasters and other distributors. Taft also developed a significant theme-park business. Kings Island opened outside Cincinnati in 1972, Kings Dominion opened near Richmond in 1975, and the company acquired or helped develop other parks, including Carowinds and Canada's Wonderland. KECO Entertainment became the organizational home for this part of the business. During the 1980s, Taft continued acquiring stations and entertainment assets while restructuring its internal organization. The Taft Entertainment Company grouped animation, production, distribution, film, and theme-park activities, while the Taft Television & Radio Company focused on broadcast operations. Taft purchased Gulf Broadcasting in 1985, adding stations in Texas, Florida, Arizona, California, and North Carolina. It also became an early Fox affiliate in 1986 through WTAF-TV and WCIX. Regulatory rules and ownership concentrations nevertheless required multiple station sales and exchanges. Taft was acquired by TFBA Limited Partnership in April 1987 and became privately held. Later that year, Carl Lindner Jr. obtained control through a hostile takeover and renamed the principal business Great American Broadcasting. The restructuring was treated by the FCC as a change in ownership, requiring the disposition of certain stations that had previously benefited from grandfathered ownership arrangements. A separate company led by former Taft president Dudley S. Taft retained the Taft name and acquired or retained selected broadcast properties. Great American subsequently sold Worldvision to Aaron Spelling Productions in 1988, transferred Hanna-Barbera and much of the Ruby-Spears library to Turner Broadcasting in 1991, and sold KECO Entertainment to Paramount Communications in 1992. In 1993, Great American filed for Chapter 11 bankruptcy and changed its name to Citicasters Communications the next year. Citicasters sold numerous television assets, adjusted network affiliations, and merged with Jacor in 1996. The successor company was ultimately acquired by Clear Channel Communications, now iHeartMedia. The corporate holding-company lineage associated with Taft and Citicasters continued within iHeartMedia until 2020.

• 1994

  Renamed Citicasters Communications

  [1]Taft Broadcastingen.wikipedia.org

  Great American adopted the Citicasters Communications name during its post-bankruptcy restructuring.

• 1993

  Chapter 11 bankruptcy

  [1]Taft Broadcastingen.wikipedia.org

  The principal successor, Great American Broadcasting, filed for Chapter 11 protection.

• 1987

  Acquisition and privatization

  [1]Taft Broadcastingen.wikipedia.org

  TFBA Limited Partnership acquired Taft and took it private; Carl Lindner Jr. subsequently gained control and reorganized the group as Great American Broadcasting.

• 1985

  Gulf Broadcasting acquisition

  [1]Taft Broadcastingen.wikipedia.org

  Taft acquired Gulf Broadcasting, adding television stations in several American markets.

• 1981

  Ruby-Spears acquisition

  [1]Taft Broadcastingen.wikipedia.org

  Taft acquired Ruby-Spears Productions and organized its entertainment operations into a dedicated division.

• 1975

  Kings Dominion opens

  [1]Taft Broadcastingen.wikipedia.org

  Taft opened Kings Dominion and acquired Carowinds, enlarging its amusement-park portfolio.

• 1972

  Kings Island opens

  [1]Taft Broadcastingen.wikipedia.org

  Taft opened its first major theme park near Cincinnati.

• 1966

  Hanna-Barbera acquisition

  [1]Taft Broadcastingen.wikipedia.org

  Taft acquired the Hanna-Barbera animation studio.

• 1961

  ABC affiliation agreement

  [1]Taft Broadcastingen.wikipedia.org

  Taft moved several stations into the ABC affiliate network.

• 1959

  Broadcast subsidiaries consolidated

  [1]Taft Broadcastingen.wikipedia.org

  The family's radio and television subsidiaries were consolidated under the Taft Broadcasting Company name.

• 1949

  WKRC-TV begins broadcasting

  [1]Taft Broadcastingen.wikipedia.org

  Taft's first television station began service in Cincinnati.

• 1939

  Entry into radio broadcasting

  [1]Taft Broadcastingen.wikipedia.org

  The Cincinnati Times-Star acquired WKRC radio and created Radio Cincinnati, Inc. to operate it.

• 1879

  Taft family acquires Cincinnati newspapers

  [1]Taft Broadcastingen.wikipedia.org

  Charles Phelps Taft purchased Cincinnati newspapers that were combined into the Cincinnati Times-Star in 1880, establishing the family's media foundation.

A diversified American media and entertainment group combining broadcast stations, television and film production, animation, program distribution, and theme parks.

• Broadcasting · 1939

  Television and radio stations

  Taft's core operating business consisted of local television and radio stations. Its portfolio covered network affiliates and independent stations in markets including Cincinnati, Columbus, Birmingham, Kansas City, Buffalo, Philadelphia, Miami, Washington, Pittsburgh, and other cities. Stations were bought, exchanged, affiliated, and sold over time in response to market strategy and FCC ownership rules.

• Animation production · 1966

  Hanna-Barbera Productions

  Acquired in 1966, Hanna-Barbera was one of Taft's most important entertainment assets. The studio produced animated television programming and supplied material for network, cable, and syndicated distribution. The business remained associated with the former Taft portfolio until its acquisition by Turner Broadcasting in 1991.

• Television syndication

  Worldvision Enterprises

  Worldvision served as a distribution and syndication operation for television programming. Under the Taft and Great American ownership chain, it handled domestic and international program distribution before being sold to Aaron Spelling Productions in 1988.

• Animation production · 1981

  Ruby-Spears Productions

  Taft acquired Ruby-Spears Productions in 1981, adding another animation studio to its entertainment division. The studio and library were later separated from the wider Taft successor structure; Turner acquired much of the original library in 1991, while the studio was subsequently bought back by its founders.

• Film and television production · 1980

  Taft International Pictures

  Taft International Pictures was the name used for the former Sunn Classic Pictures operation after Taft acquired it. The unit participated in film and television production, including television movies and miniseries, and was later incorporated into the changing structure of Taft's entertainment businesses.

• Theme-park entertainment · 1972

  KECO Entertainment theme parks

  KECO Entertainment managed Taft's amusement-park activities. The portfolio included Kings Island, Kings Dominion, Carowinds, and Canada's Wonderland. The division represented Taft's expansion into destination entertainment and was sold to Paramount Communications in 1992.

• 1993

  Enter Chapter 11 restructuringStrategy

  Background

  The Great American successor faced financial pressure after years of expansion, acquisition, and asset restructuring.

  Action taken

  Great American Broadcasting filed for Chapter 11 bankruptcy protection.

  Aftermath

  The company adopted the Citicasters Communications name in 1994 and continued selling broadcast assets.

  Source

• 1992

  Sell KECO EntertainmentM&A

  Background

  Great American was reducing and reshaping the diversified asset base inherited from Taft.

  Action taken

  The company sold its theme-park division, KECO Entertainment, to Paramount Communications.

  Aftermath

  The parks became part of Paramount Parks and later changed ownership again.

  Source

• 1987

  Accept the TFBA acquisitionM&A

  Background

  Taft's station and entertainment assets had made it a major but complex corporate target.

  Action taken

  TFBA Limited Partnership acquired Taft Broadcasting and took the company private.

  Aftermath

  The reported transaction value was $1.43 billion, and the company soon became the subject of a further control change by Carl Lindner Jr.

  Reported acquisition value. $1.43 billion transaction (April 1987)

  Source

• 1987

  Reorganize as Great American BroadcastingStrategy

  Background

  Carl Lindner Jr. obtained controlling interest after the TFBA transaction and pursued a major corporate restructuring.

  Action taken

  The principal Taft business was renamed Great American Broadcasting, while selected former Taft directors established separate successor structures.

  Aftermath

  The FCC treated the reorganization as an ownership change, leading to station divestitures and the eventual breakup of much of the original portfolio.

  Source

• 1986

  Join the Fox affiliate networkStrategy

  Background

  Fox was preparing to launch as a new national television network, while Taft operated several independent stations.

  Action taken

  WTAF-TV in Philadelphia and WCIX in Miami became charter Fox affiliates.

  Aftermath

  The stations later became part of a sale of Taft's independent-station group to TVX Broadcast Group.

  Source

• 1985

  Acquire Gulf BroadcastingM&A

  Background

  Taft was seeking additional television stations and network-affiliated outlets in larger and growing American markets.

  Action taken

  Taft purchased Gulf Broadcasting and obtained stations in Texas, Florida, Arizona, California, and North Carolina.

  Aftermath

  The acquisition increased Taft's national station footprint but also contributed to the need for radio and television divestitures under FCC ownership rules.

  Source

• 1972

  Open Kings IslandProduct launch

  Background

  Taft sought to diversify into physical entertainment venues and build a destination attraction near its Cincinnati base.

  Action taken

  The company opened Kings Island outside Cincinnati.

  Aftermath

  Kings Island became the foundation of Taft's multi-park KECO Entertainment division.

  Source

• 1966

  Acquire Hanna-Barbera ProductionsM&A

  Background

  Taft was expanding beyond station ownership into television production and entertainment.

  Action taken

  The company purchased Hanna-Barbera from its founders and integrated the studio into its entertainment portfolio.

  Aftermath

  Animation became a central component of Taft's production, distribution, and international licensing strategy.

  Source

• 1961

  Adopt a broad ABC affiliation strategyStrategy

  Background

  Taft already operated an ABC-affiliated station in Columbus and sought a broader network relationship for several of its other television outlets.

  Action taken

  The company reached an affiliation arrangement that moved multiple Taft stations to ABC.

  Aftermath

  The agreement strengthened Taft's position as a multi-market network-affiliate owner.

  Source

• 1996

  Citicasters merges with Jacor[1]Taft Broadcastingen.wikipedia.org

  M&A

  Citicasters and Jacor combined, creating a successor structure that continued the former Taft broadcasting lineage.

• 1994

  Great American becomes Citicasters Communications[1]Taft Broadcastingen.wikipedia.org

  Bankruptcy

  Following bankruptcy proceedings, Great American changed its corporate name to Citicasters Communications and continued selling and reorganizing broadcast assets.

• 1993

  Great American files for Chapter 11[1]Taft Broadcastingen.wikipedia.org

  Bankruptcy

  Great American Broadcasting entered Chapter 11 bankruptcy protection amid a continuing restructuring of the former Taft assets.

• 1992

  KECO Entertainment is sold to Paramount[1]Taft Broadcastingen.wikipedia.org

  M&A

  Great American sold its theme-park division, KECO Entertainment, to Paramount Communications.

• 1991

  Hanna-Barbera is acquired by Turner[1]Taft Broadcastingen.wikipedia.org

  M&A

  Turner Broadcasting System acquired Hanna-Barbera and much of the original Ruby-Spears library from Great American.

• 1988

  Great American sells Worldvision[1]Taft Broadcastingen.wikipedia.org

  M&A

  Great American sold Worldvision to Aaron Spelling Productions, transferring most of its programming assets while retaining the Hanna-Barbera and Ruby-Spears libraries for a time.

• 1987

  Taft is acquired and taken private[1]Taft Broadcastingen.wikipedia.org

  M&A

  TFBA Limited Partnership acquired Taft Broadcasting in April 1987 in a transaction reported at $1.43 billion, taking the company private.

• 1987

  Taft is reorganized as Great American Broadcasting[1]Taft Broadcastingen.wikipedia.org

  M&A

  Carl Lindner Jr. gained control and reorganized the company under the Great American Broadcasting name, triggering station divestitures and a major corporate restructuring.

• 1986

  Taft becomes a charter Fox affiliate[1]Taft Broadcastingen.wikipedia.org

  Other

  WTAF-TV in Philadelphia and WCIX in Miami became charter affiliates of the Fox Broadcasting Company.

• 1975

  Taft launches Kings Dominion and expands its parks portfolio[1]Taft Broadcastingen.wikipedia.org

  Product launch · M&A

  Kings Dominion opened near Richmond, Virginia, while Taft also acquired Carowinds.

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1. 1Taft Broadcastingen.wikipedia.org