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Cadence Industries

From Alfawiki
Cadence Industries Corporation
Company typeConglomerate
IndustryConglomerate, Publishing, Pharmaceuticals, Entertainment
PredecessorPerfect Film & Chemical Corporation
Founded1962
FounderMartin S. Ackerman
Defunct1986
FateLiquidated; Marvel Entertainment Group sold to New World Pictures; Curtis Circulation sold to Joseph M. Walsh and Hachette Distribution Services
Area served
United States
Key people
Martin S. Ackerman (founder), Sheldon Feinberg (president and CEO), Jim Galton (Marvel president)
ProductsMarvel Comics, Hudson Vitamins, Popular Library, Curtis Circulation Company, Plume & Atwood Industries, Desilu Studios (facility)

Cadence Industries Corporation, previously known as Perfect Film & Chemical Corporation, was a U.S.-based conglomerate under the ownership of Martin S. Ackerman. Between 1968 and 1986, Cadence Industries served as the holding company for Marvel Comics Group (which had formerly operated as Magazine Management).

Perfect Film

Established in 1962 by Martin S. Ackerman, Perfect Film & Chemical Corporation originated from several of his initial acquisitions, including United Whelan Corporation, Hudson National, Perfect Photos, and Equality Plastics Inc. The Hudson division focused on mail-order pharmaceuticals, while Equality Plastics functioned as a distributor of consumer goods. Perfect Film later divested its holdings in Whelan drugstores and the Pathé motion picture laboratory.

In the early months of 1968, Perfect Film added the paperback publisher Popular Library to its portfolio. That same year, at the behest of Curtis Publishing Company's chief lender, First National Bank of Boston, it extended a $5 million loan to Curtis. Midway through 1968, Perfect Film issued securities worth $40 million, significantly increasing its long-term liabilities. Subsequently, it acquired Magazine Management Company—owned by publisher Martin Goodman and parent to Marvel Comics—making Magazine Management a direct subsidiary and placing other entities beneath it. Additionally, in 1968, Perfect Film purchased the Desilu Studios facility in Culver City along with Plume & Atwood Industries.

By March 1969, Perfect Film had reached an agreement with Commonwealth United Corporation to merge Commonwealth with Plume & Atwood. Despite attempts to sustain the Saturday Evening Post, Curtis Publishing discontinued the magazine in 1969. That year also saw Perfect Film acquire Curtis Circulation Company. OSF Industries bought Desilu Studios from Perfect Film in 1969 and renamed it The Culver City Studios in 1970. Ackerman exited Perfect Film that same year.

In 1970, Popular Library was sold to Fawcett Publications, and by July, Perfect Film agreed to divest its majority stake (50.5%) in Plume & Atwood to Cinerama.

Cadence Industries

With Sheldon Feinberg as president and CEO, the corporation rebranded itself as Cadence Industries Corporation in 1970. In 1981, Cadence's subsidiary Hudson Pharmaceutical Corporation engaged Venet Advertising to market its Hudson Vitamins line, which included licensed Spider-Man chewable vitamins.

Investor Mario Gabelli, known for identifying companies susceptible to takeovers, held shares in Cadence. In 1983, Cadence's leadership team, including Marvel President Jim Galton, proposed a buyout to take the company private. Gabelli considered this offer undervalued and attempted to offload his shares on public markets; this action led Cadence executives to file a lawsuit alleging an attempt to seize control.

When Cadence Industries underwent liquidation in 1986, it sold the Marvel Entertainment Group to New World Pictures. Meanwhile, Curtis Circulation was acquired by Joseph M. Walsh alongside Hachette Distribution Services.

Units

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