Park Communications
Roy H. Park | |
|---|---|
| Born | Template:Birth date |
| Died | October 25, 1993 (aged 83) New York City, US |
| Nationality | American |
| Education | North Carolina State University |
| Known for |
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| Spouse | Dorothy D. Park |
| Children | 2 |
Roy Hampton Park (September 15, 1910 – October 25, 1993) was a prominent American businessman and media executive. He is best known for establishing the Duncan Hines line of packaged food products and founding the media empire Park Communications. Additionally, he created the Park Foundation, which funds initiatives at institutions such as Ithaca College, Cornell University, and North Carolina State University.
Biography
Originating from Dobson, North Carolina, where his father was a tenant farmer, Park began contributing to local newspapers at just 12 years old. Despite suffering a serious case of rheumatic fever at age 13, he completed high school by 15 and enrolled at North Carolina State University. Starting his career as an office assistant at the local Associated Press bureau, he progressed to a reporter role by the time he graduated. During college, he served as editor-in-chief of the student publication Technician and earned a degree in business administration in 1931.
Early in his professional path, Park worked as public relations director for the North Carolina Cotton Growers Cooperative Association, where he developed innovative marketing campaigns like "Cotton Balls" to promote cotton. In 1936, he married Dorothy Goodwin Dent, who had previously been named a "Maid of Cotton." He also launched three agricultural magazines that attracted the attention of H. E. Babcock, founder of the Grange League Federation, leading to his recruitment to Ithaca, New York in 1942.
Duncan Hines
During the late 1940s, while tasked with promoting surplus food items for the Grange League Federation, Park collaborated with food critic Duncan Hines to create Hines-Park Foods. This brand rapidly secured a strong market presence with offerings such as Duncan Hines Cake Mix. In 1956, Procter & Gamble purchased Hines-Park for $360,000 in shares plus cash consideration. Park continued with Procter & Gamble as a senior executive until his departure in 1962.
Park Communications
Following the sale of Duncan Hines, Park pursued new ventures. In 1961, leveraging his Procter & Gamble stock as collateral, he acquired two radio stations in North Carolina and established Park Broadcasting, Inc.. After leaving Procter & Gamble in 1962, he aggressively expanded into radio and television broadcasting. By 1972, he began purchasing newspapers and owned 40 by 1977, primarily targeting small to medium-sized markets.
Park understood the profitability and security of broadcast licenses; his television stations yielded approximately 45% profit margins, radio stations operated in the high 30% range, billboards generated low 30% margins, and newspapers delivered mid to upper 20% returns—substantially outperforming many sectors. By 1977, Park became the first broadcaster to simultaneously own seven TV stations along with seven AM and seven FM radio stations—the maximum allowed by law at that time. When ownership restrictions were relaxed in 1983, he resumed acquisitions and took the company public by selling a minority stake while maintaining control.
At the time of his passing, Park Communications managed an extensive portfolio including 21 radio stations, seven television stations, and 144 print publications. The company reached roughly one-quarter of all U.S. households and employed over 3,000 individuals. Park prioritized growth through acquisitions and retained ownership rather than divesting assets.
After his death, investors financed by the Retirement Systems of Alabama purchased Park Communications for $710 million. The company was subsequently sold to Media General in 1996; Media General itself was acquired by Nexstar Media Group in 2017.
Other
Park spent the rest of his life residing in the Ithaca, New York region, acquiring a stone mansion situated on seven acres in Cayuga Heights during the mid-1950s. He retained strong connections to his home state by participating on the Board of Visitors for the University of North Carolina at Chapel Hill School of Journalism and Mass Communication as well as serving on the Board of Trustees for North Carolina State University. In 1989, he was honored with North Carolina’s highest civilian distinction, the North Carolina Award.
In addition to his media enterprises, Park held rental properties in Ithaca, owned timberland in North Carolina, and possessed substantial investments in Procter & Gamble and the Tompkins County Trust Company, where he controlled a 7% stake at the time of his passing. He also operated a billboard and outdoor advertising company, which was eventually sold to his son.
Park played an active role at Ithaca College, joining its board in 1973 and serving as chair from 1981 until 1992. The college renamed its media school the Roy H. Park School of Communications in 1989. Furthermore, the Dorothy D. and Roy H. Park Center, housing the School of Business, was inaugurated in 2008.
At Cornell University, Park contributed as a member of the Advisory Council for the Samuel Curtis Johnson Graduate School of Management and funded the Lewis H. Durland Memorial Lecture Series, an annual event that invites distinguished business leaders to campus.
Park passed away in 1993 due to a heart attack in New York City.
Philanthropy
The Park Foundation was created by Park in 1966 to direct his charitable endeavors. Following his death, a significant portion of his fortune was allocated to this foundation.
A division arose within the family over differing visions for funding priorities in 2001: Dorothy Park and her descendants continued managing the Park Foundation, while Park Jr. and his family established the separate Triad Foundation.
Legal conflicts emerged in 2010 concerning Dorothy Park’s estate, valued at approximately $220 million, involving disputes among her children; she died in 2016 at age 103.
The Park Foundation dedicates its support to higher education, media literacy, and environmental initiatives. Notable programs it funds include the Park Scholarships at North Carolina State University and the Park Scholar program within Ithaca College’s Park School of Communications. The Dorothy and Roy Park Alumni Center at North Carolina State also commemorates their contributions.
Awards and honors
- 1970: Meritorious Service Award from NC State Alumni Association
- 1971: Abe Lincoln Award presented by Southern Baptist's Radio and Television Commission
- 1975: Watauga Medal, recognized as NC State’s top honor
- 1978: Honorary Doctorate in Humanities conferred by NC State
- 1982: Induction into North Carolina Broadcasting Hall of Fame
- 1984: Golden Plate Award from American Academy of Achievement
- 1989: Recipient of the North Carolina Award
- 1989: Ithaca College names communications building in his honor
- 1990: Inducted into University of North Carolina School of Journalism Hall of Fame
- 1992: Centennial Award from NC State University