Acquisition and Recent History
A declining comics market in the 1950s, along with a major lawsuit (National Comics Publications v. Fawcett Publications), resulted in Fawcett folding its line of comic books. Lash Larue, Nyoka, Strange Suspense Stories and other titles were sold to Charlton Comics. In 1972, DC Comics licensed Captain Marvel, featuring him in new stories. In 1991, DC purchased the entire Marvel Family and related characters outright.
In 1970, Fawcett acquired Popular Library from Perfect Film & Chemical Corporation and renamed it Fawcett Books. Fawcett Publications was bought by CBS Publications in 1977 for $50 million. When Ballantine Books (a division of Random House) acquired Fawcett Books in 1982 while Popular was sold to Warner Communications, it inherited a mass market paperback list with such authors as William Bernhardt, Amanda Cross, Stephen Frey, P. D. James, William X. Kienzle, Anne Perry, Daniel Silva, Peter Straub and Margaret Truman. Fawcett also became the official home of Ballantine's mass market mystery program. The imprint stopped being used on new books at the beginning of the 21st century.
In 1987, Fawcett senior executive Peter G. Diamandis and a management team negotiated a $650 million leveraged buy out, then sold six titles to raise $250 million. Diamandis Communications, Inc. was then sold the next year to Hachette Publications for $712 million.
An annual four-day festival held in Robbinsdale, Minnesota is Whiz Bang Days. Robbinsdale's city celebration, recalling the glory years of Fawcett Publications, began during World War II. The original Fawcett Publications building, which remained standing in Robbinsdale for decades, was torn down during the mid-1990s. It was located at what is now the terrace for the restaurant La Cucina di Nonna Rosa's, at 4168 West Broadway Avenue.
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Famous quotes containing the words acquisition and/or history:
“Wars and revolutions and battles are due simply and solely to the body and its desires. All wars are undertaken for the acquisition of wealth; and the reason why we have to acquire wealth is the body, because we are slaves in its service.”
—Socrates (469–399 B.C.)
“Both place and time were changed, and I dwelt nearer to those parts of the universe and to those eras in history which had most attracted me.”
—Henry David Thoreau (1817–1862)