Chris-Craft Industries

Chris-Craft Industries, Inc.

Company type	Public
Industry	Conglomerate (Boat manufacturing, Broadcasting)
Predecessor	National Automotive Fibers, Inc.
Founded	1928 (1928)
Defunct	2000 (2000)
Fate	Sold broadcasting assets to News Corporation's Fox Television Stations
Successor	Chris-Craft Corporation (for boat brand and production segment)
Headquarters	New York City , United States
Area served	United States
Key people	Herbert J. Siegel (Chairman)
Products	Boats (Chris-Craft boats), Television stations (via BHC Communications), UPN network stake

Chris-Craft Industries, Inc., originally known as National Automotive Fibers, Inc., was a publicly held American company listed on both the New York and Pacific Stock Exchanges. In 1962, it adopted the name of its acquired subsidiary, Chris-Craft Boats, famous for its distinctive mahogany powerboats produced from the 1920s through the 1950s. The corporation later diversified into broadcasting, owning television stations via its subsidiary BHC Communications and playing a key role in launching the UPN television network.

National Automotive Fibers

Founded in Detroit in 1928, National Automotive Fibers (NAF) specialized in manufacturing upholstery, carpeting, interior trims, and plastics for leading automobile manufacturers such as Chrysler Motors, Ford Motors, and Studebaker-Packard. Although it maintained consistent operations, NAF remained a relatively small supplier within the industry. During the 1940s, it acquired Montrose Chemical Company but continued to concentrate on automotive-related products. After experiencing a $1 million loss on $46 million in sales during 1956, Paul V. Shields of Shields & Company took control of NAF, recognizing its heavy dependence on the automotive sector but also its potential for growth. Shields restructured the company by streamlining product offerings and expanding into oil and gas as well as television and radio broadcasting. Renamed NAFI Corporation in 1959, it achieved record profits of $1 million despite lower sales and held assets valued at $10 million.

In 1959, NAF partnered with Bing Crosby to acquire television station KPTV in Portland, Oregon for $4 million. The following year, a group led by Crosby sold Los Angeles’ KCOP-TV to the corporation.

Chris-Craft Industries

Chris-Craft Boats remained an independent entity until its acquisition by Shields & Company's NAFI Corporation in 1960. The two companies were merged and rebranded as Chris-Craft Industries, Incorporated in 1962. That same year, Chris-Craft purchased Old Crown Brewing Corporation based in Fort Wayne, Indiana; however, it soon divested this business to its employees.

In 1964, Chris-Craft launched the all-fiberglass Chris-Craft Commander series, unveiling a 38-foot express hardtop model at the New York National Boat Show. The Commander range subsequently grew to include vessels from 19 to 60 feet in length, all constructed with fiberglass hulls.

By 1968, Baldwin-Montrose Chemical Co., Inc. secured a controlling interest and appointed its chairman, Herbert J. Siegel, as chairman of Chris-Craft. In 1977, Chris-Craft established BHC, Inc. to oversee its television stations KCOP (Los Angeles) and KPTV (Portland), operating under BHC’s Chris-Craft Television division. That year also saw Chris-Craft acquire a stake in 20th Century Fox and attempt a hostile takeover in 1979; however, this effort was unsuccessful. In 1981, Chris-Craft exchanged its 20% share in Fox for a 19% ownership interest in United Television.

From the 1960s through the 1980s, Chris-Craft’s market position weakened as competitors introduced innovative designs and more cost-efficient fiberglass manufacturing techniques. Production of its final mahogany-hulled model, the Constellation, ceased in 1971.

In 1981, Chris-Craft divested its boat manufacturing division to Murray Industries but retained ownership of the brand name, which it licensed back to Murray.

Following this divestiture, Chris-Craft concentrated on broadcasting activities. In 1992, BHC acquired Pinelands, owner of New York-area station WWOR-TV—a transaction prompted by regulatory requirements linked to MCA’s acquisition by Matsushita Electric (now Panasonic). In 1994, BHC collaborated with Paramount Television to launch the United Paramount Network (UPN), targeting young male viewers with original prime-time programming. Initially holding full ownership of UPN, Chris-Craft sold a 50% stake to Viacom in 1997 for $160 million.

By the late 1990s, BHC had expanded its portfolio to ten stations through acquisitions including WHSW (now WUTB) in Baltimore and WRBW in Orlando.

Viacom’s announcement in 1999 of a merger with CBS Corporation raised regulatory concerns due to FCC restrictions against owning two broadcast networks simultaneously. This situation jeopardized Chris-Craft’s joint ownership of UPN. Potential outcomes included buyouts or asset swaps; industry analysts speculated that Chris-Craft might either gain from or sell Viacom’s share.

After the Viacom-CBS merger completed in 2000, BHC filed suit alleging breach of partnership but was unsuccessful. Subsequently, it sold its remaining UPN interest to Viacom for $5 million and exited broadcasting following a $500 million loss linked to UPN amid uncertainty surrounding the network’s future. Although many expected Viacom to acquire Chris-Craft’s television stations, they were ultimately purchased by News Corporation’s Fox Television Stations, with the sale closing on July 31, 2001.

See also

• – compilation of stations owned by the subsidiary of Chris-Craft
• Chris-Craft Corporation – entity that brought together the brand and the boat production segment