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William Paley was one of the most influential and savvy businessmen of his time. Although he didn't know it back when still in his 20s, he was to forge a career that would resonate throughout his life and long after his death.
His father's acquisition of a fledgling radio network in 1927 would prove to be the fateful moment that changed his life - and the lives of millions of people - forever.
William Paley - Making the Best of What Life Gives You
William Paley was the brains - and brawn - behind CBS. Long before radio began to operate as it does today, he had the vision to establish a network and business model that would significantly shape and establish the broadcasting industry.
William's father was a Ukrainian Jew who owned a successful cigar company. One day, he and his partners decided to buy the Columbia Phonographic Broadcasting System, a troubled radio network of 16 stations based in Philadelphia. His father wanted a vehicle that would advertise his cigars on a grand scale and his plan worked - cigar sales more than doubled through advertising on the radio.
The network soon blossomed to over 100 affiliate stations and the young Paley realized that he had a powerful media network on his hands, one that offered various possibilities. After analyzing how radio earns money (at the time the network would make money by selling programming to its affiliate stations) he decided to flip the business model on its head and introduce a fresh approach.
This intense businessman argued that good programming was key to bringing in listeners; hence the better the programming, the wider the network's audience. He began to calculate advertising based on the programming and consequent airtime that could be offered during popular programs. He was able to charge more as the network's reach expanded and this revolutionary approach to broadcasting programming and revenue would be the groundwork for the CBS empire.
He continued to work on expansion and used the network's reputation and experience in covering World War II to successfully move into TV. The empire was official. Paley's efforts paid off as CBS soon became the most dominant entertainment and news network of the century.
Shows like 60 Minutes became trusted household names. Few could have guessed, after it's beginnings as a struggling radio company, that the news network would become the media power that it is today. And all in large part to the vision and tenacity of it's headstrong leader, William Paley .
The William Paley Quick Bio
Full name: William Paley
Birth date: September 28, 1901
Birth place: Chicago, Illinois
Company: CBS
Industry: Radio and TV broadcasting
Key success traits: tenacity, vision, leadership, fearlessness
Additional:
Along with his wife, Barbara Cushing-Mortimer, was disallowed entrance to several Long Island country clubs for being Jewish. This despite his mammoth success and wide influence. Paley responded by building his own summer retreat on Squam Lake in New Hampshire where he played host to a number of famous guests.
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