Billboard 1968-07-27
ULY 27, 1968 SEVENTY -FOURTH YEAR $1.00 yL/LL . The 7 International Music -Record oar evy,pely Finley Quits ITCC Cap. Develops MGM Shifts ito To Form New Co. Mono Pre -Pak. Pye in Britain By LEE ZHITO By MIKE HENNESSEY NEW YORK -Larry Finley Smalley also is board chairman LONDON - MGM Records meeting among Nasatir, Old - FSor ummer field; Ken East, managing di- resigned as president of Inter- of Dextra Corp. which holds a has ended its U. K. manufactur- and national Tape Cartridge Corp. majority interest in ITCC. LOS ANGELES Capitol ing and distribution agreement rector of EMI Records, - EMI sales director John Frewin (ITCC), and formed a new NAL will be active in various has developed mono pre -pack with EMI and lined up with firm, North American Leisure Louis Benjamin's Pye Records. at MGM's London headquarters. leisure time fields, Finley said, albums as a marketing device to know Corp. Omega Equities Corp. is stimulate extra summer business. Announcement of the switch Later, East said, "We and initially will concentrate on that MGM is not satisfied with acquiring 55 per cent interest of the tape cartridge industry was made by MGM's London NAL with Finley retaining 45 The company has been pack- managing director Rex Oldfield the amount of penetration it has which he helped pioneer. The aging its monaural stock in achieved into the British market per cent. new firm, jointly owned by on Thursday night (18), eight Jim Elkins, who joined ITCC packs of 50 pop albums and 25 hours after EMI had issued a and so after discussions there Omega Equities and Finley, country albums, utilizing titles was a mutual decision to end two months ago as a vice- presi- marks the second time in as statement saying it would no dent, will assume Finley's post.
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