The appeal of the company was that it made submarines and oil-drilling equipment to which Litton's electronic controls could be added. Principal Subsidiaries: Ingalls Shipbuilding, Inc.; Litton Technology Corporation Ltd.; Litton Industrial Automation Systems, Inc.; Litton Systems, Inc. Litton's most significant contribution to the high technology field was its inertial guidance system, which helped keep planes on their flight routes. April, 2017 Update. Litton Entertainment produces over 600 hours of Emmy Award-Winning programming on leading broadcast networks including ABC, CBS, NBC and The CW including “Litton’s Weekend Adventure,” seen nationally on ABC stations, “CBS Dream Team: It’s Epic,” and “One Magnificent Morning” airing Saturday mornings on The CW. Litton Entertainment, a division of Hearst Television, is the preeminent independent producer and distributor in the U.S. television industry, creating quality … (15) 05/22/2020 Litton Entertainment Receives 14 Daytime Emmy Nominations We're thrilled to announce Litton Entertainment's FOURTEEN Daytime Emmys Award nominations! Litton Entertainment is a TV producer and distributor that specializes in children’s television and family entertainment programming. Litton Entertainmentball (formerly Litton Syndicationsball) is an American media and production company based in Charleston, South Carolina, with four additional offices in Boston, New York City, Washington, D.C., and Burbank, California.Many of Litton's programs comply with federally mandated educational and informational requirements. An article in Fortune magazine suggested that Litton's success lay in going against the current wisdom. Litton team members and production studios are located throughout the United States making Litton uniquely positioned to create and leverage programming across multiple platforms. Litton Entertainment is a leading producer and distributor of award-winning content that entertains and inspires hundreds of millions globally. Since he could not offer high salaries, he used stock options to induce people to join him. Litton Entertainment is a member of Vimeo, the home for high quality videos and the people who love them. Associate Producer, Branded Content job in Burbank at Litton Entertainment - Full Time Job in Burbank, CA - 195621 General Overview: Litton Entertainment seeks an Associate Producer, Branded Content to manage the priorities, deliverables, schedules, and other related logistics as they pertain to … In fact, Litton soon became a possible takeover candidate. Yet Roy Ash spoke of the electronics empire as "a company that is meaningful as a whole" with "a coherent relationship between its different parts.". By 1961, Litton was the fastest growing company on the New York Stock Exchange. Copyright (c) 2019 Company-Histories.com. The suit charged that Honeywell's ring laser gyroscope, a navigational system used in both military and commercial aircraft, breached Litton's manufacturing process patent. Litton Entertainment produces Emmy® Award winning E/I programming on CBS, ABC, NBC & The CW. Part of Litton's failure to develop better products was attributed to the company's emphasis on short-term growth. Additionally, Litton syndicates a variety of entertainment and news programs to over 1000 television stations in the United States, and the company’s diverse portfolio of programs air in 97 countries worldwide. Later in the year, the federal government settled its suit against Litton regarding billing inconsistencies. Glassdoor gives you an inside look at what it's like to work at Litton Entertainment, including salaries, reviews, office photos, and more. O'Green began to analyze Litton's various businesses and separate the profitable ones from the money losers. Litton Systems, Inc. is a Colorado Foreign Corporation filed on December 30, 1963. Litton Entertainment produces Emmy® Award winning E/I programming on CBS, ABC, NBC & The CW. learn how over 7,000 companies got started! Hoch was succeeded in fiscal 1994 by John M. Leonis, a former senior vice-president. Instead of sales reviving, however, the company recorded a $2.3 million deficit. Litton's Ingalls Shipbuilding subsidiary was one of America's largest and the world's most successful. He went on to build Litton into one of the largest privately held independent television production and distribution companies. OUR ADDRESS 3305 W. Commercial RD Marion IL 62959 OFFICE HOURS Mon - Fri: 7:00am to 4:00pm Sat - Sun: Office Closed Litton Entertainment is a member of Vimeo, the home for high quality videos and the people who love them. By the time he founded Litton in 1953, Charles "Tex" Thornton had compiled quite a resumé. Joseph Thomas from Lehman Brothers later said that their firm did not invest in Electro Dynamics as much as it invested in the ability of Thornton. 11. Litton Industries, Inc., diversified U.S. multinational corporation founded in 1953 by Charles Bates “Tex” Thornton (1913–81). 918 likes. At the same time, a marker can be seen on the bottom left (look VERY closely). For example, the license for Litton's microwave oven was owned by Raytheon, the company that invented it. During this period, almost 50 percent of Litton's business was with the U.S. government. Problems at Ingalls Shipbuilding were eventually corrected. In 1972, Litton's credibility was further damaged by Roy Ash's claim that after three years of declining profits, Litton's sales would revive that year. The electronics segment included industry-leading electronic surveillance and aircraft guidance systems and missile cruisers. When he purchased Litton Industries, Thornton promised Lehman Brothers that his company, with $8 million in sales, would have $100 million in sales by 1959. Phil Friedman, an analyst with Morgan Stanley, told Forbes that Litton's positive cash position and low debt also boded well for the company. This is the Litton Entertainment company profile. The U.S. conglomerate Litton Industries, Inc. has endured one of the American business world's most famous expansion odysseys. Litton Entertainment is a member of Vimeo, the home for high quality videos and the people who love them. The majority of Litton's operations were located in the United States, but the company also had plants in Germany, Canada, and Italy. After consolidating that division's interests in the late 1980s, however, Litton spun Western Atlas Inc. off to its shareholders in 1994. The division most seriously affected was Ingalls Shipbuilding, which had recently built a large shipyard. Privacy Policy. Litton Entertainment is a leading producer and distributor of award-winning content that entertains and inspires hundreds of millions globally. The company's filing status is listed as Revoked and its File Number is 19871047759.The company's principal address is 21240 Burbank Blvd, Woodland Hills, CA 91367-6675. The decline in profits would not have been such a catastrophe if Litton stock had not been selling at 40 times earnings, and if Litton had not conducted a certain type of publicity campaign. As Litton eliminated its losing businesses, the company's more successful ventures became apparent. Hearst has taken a majority stake in Litton Entertainment, an independent TV distributor that specializes in children's programming and family-friendly fare. It was thought that O'Green could use his expertise to correct production and design problems at the shipyard. From its foundation in 1953 through the late 1960s, Litton's annual sales grew from $3 million to $1.8 billion as the company expanded from a relatively small electronics company to a far-flung aggregation of interests on the momentum of myriad acquisitions. O'Green was instructed by Thornton to reduce Litton's holdings and improve its technological competence. Due to delays in building a number of container ships, Litton was forced to pay a total of $5 million in penalties. In 1973, Fred O'Green, an engineer, was chosen by Thornton to replace the departing president Roy Ash. After 57 quarters of remarkable growth, Litton reported a decline in earnings of $11 million and, as a result, its stock plummeted. The importance of Ingalls Shipbuilding to Litton was underscored when Western Geophysical's profits declined because of a decrease in oil exploration during the early 1980s. In 1993, Litton won a $1.2 billion jury award from competitor Honeywell Inc. In 1974, Litton reported $77 million in write-offs in the business systems division, which had lost money for two consecutive years. Another source of profit for Litton was its guidance and control business. The idea that Teledyne owned 26 percent of Litton's stock was not exactly reassuring to company management. Litton Entertainment Burbank | NYC Corporate Headquarters: Charleston, SC. Entertainment Professional (Current Employee) - Mount Pleasant - September 23, 2015 Fun place to work, where it's about more than just the bottom line. Litton Entertainment 824 N Victory Blvd Burbank CA 91502. As a direct result of the effectiveness of this system, Litton procured a $1.6 billion contract from the Saudi Arabian Air Force. Due to the fact that small electronics firms tended eventually to be eliminated or absorbed by larger competitors, Thornton resolved that his company would grow and expand quickly, by making acquisitions if necessary. The large but ailing company was purchased for $8 million in cash and the assumption of $9 million in debt. Management often overlooked long-term research and development in favor of immediate financial gains. Monroe benefited from Litton's technological assets while Litton needed Monroe's sales and service outlets. In order to reach and exceed his goal, Thornton had merged with Monroe Calculating Machines. See the latest news on. Since Thornton knew Litton stock would eventually increase in value, he paid cash for companies whenever possible. Although it continued to acquire more companies, Litton resisted defining itself as a conglomerate; instead, it referred to itself as a "technological company," or a multi-industry manufacturer of products whose common denominator was their technological complexity. It Litton's success during this time was attributed largely to Thornton's business acumen. After an agreement with Joseph Kennedy collapsed, Thornton and Ash approached Lehman Brothers, an investment firm. San Francisco Bay Area, Silicon Valley), Operating Status of Organization e.g. Follow future shipping activity from Litton Entertainment. The only problem involved raising the $1.5 million necessary to purchase the firm from its founder, Charles Litton. In the mid-1960s, Litton continued to sustain its high rate of growth, even after it passed the one billion dollar mark in sales. Besides calculators, Litton was manufacturing inertial guidance systems for aircraft, potentometers, barratons, duplexers, klystroms, and other electronic products. It was revealed that Litton relied heavily on other companies' research and development of new products. After two years at Ford, however, Thornton went to work for Howard Hughes and helped establish Hughes Aircraft Company in the semiconductor market. The preeminent independent distributor in the television industry, Litton has been producing and distributing quality programming for over twenty years. When Litton stock began selling at 33 times earnings (it was later to reach 75), some analysts suggested that the company would soon experience financial difficulties; Litton had acquired 23 companies in eight years. However, he correctly believed that the U.S. Department of Defense would soon be seeking increasingly sophisticated weapons and that there would be room in the defense industry for another large electronics company. Western Geophysical emerged as one of Litton's most profitable holdings; its seismic exploration services prospered during the 1970s oil crisis. This move essentially split Litton's defense interests from its commercial interests. Menu & Reservations Make Reservations . 0:14. During the 1980s, Litton finally became the high technology company it had always regarded itself. In the early 1980s, Litton buttressed its electronics interests with the acquisition of Itek Corp., a defense electronics firm. By 1963, sales reached $500 million. After acquiring a company, Thornton allowed the original employees as much freedom as possible, so they could continue conducting the operations that made the company desirable in the first place. Profits increased from $44 million in 1979 to $78 million in 1983. Make social videos in an instant: use custom templates to tell the right story for your business. Litton purposefully went deeper into debt to discourage potential buyers and to improve its cash reserves in the event of such a takeover. When Thornton tired of Hughes's eccentric business practices, he decided to form his own company. Thornton believed that the success of his plan depended on surrounding himself with financially astute and technically proficient businessmen. Investors incurred a paper loss of $2 million. Its more than 80 divisions provide products and services ranging from electronic and electrical components and equipment to aerospace and marine systems and equipment. The largest write-off, however, was the $333 million of cost overruns Ingalls Shipbuilding absorbed from the five disputed helicopter ships it had built for the U.S. Navy. Thornton also refrained from manufacturing transistors, which overcrowded the market in the early 1960s. Critics charged that Litton's true innovations were in investor relations, rather than in high technology. Menu & Reservations Make Reservations . Though earnings dropped in 1983, the company's earnings curve was much higher than it had been in the 1970s. O'Green was chosen because of his experience with Ingalls Shipbuilding. Although Thornton had built Hughes Aircraft into a leader in the field of semiconductors, he kept his own company out of that market. The company's highly publicized technological innovations and perceived advantage in the market was also exaggerated. Although Litton executives envisioned themselves as part of a high technology conglomerate, according to Business Week magazine the company was "a mundane manufacturer of capital goods.". Million deficit surrounding himself with financially astute and technically proficient businessmen could be added F-16! 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