CBS
history started on January 27, 1927, as
United Independent Broadcasters, Inc.
Even before United got started, the Columbia
Phonograph Co. had become interested in
the venture. The Columbia Phonograph Broadcasting
System, which was to act as sales agent
for United, was organized in April of
1927. United contracted to pay each of
the original 16 stations $500 per week
for 10 hours of radio time. Soon the Sales
agent could not sell enough air time and
the network was near collapse after only
a few months.
The Columbia phonograph company then withdrew
from the project with the sale of all
capital stock which United bought and
then renamed the company the Columbia
Broadcasting System. William S. Paley
and his family then bought the majority
of CBS stock and the network began to
grow. In 1990 CBS was sold to Westinghouse.
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