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[Don A]

>>  IIRC the management of the T&G were convinced that TV and FM weren't 
>> going anywhere

A more recent example was Westinghouse as late as 1980-81.

They put so little effort into any of their FM's, they started selling them 
off for cheap.  (I think they sold WBZ-FM off for $5 million).  They 
divested of all their FM's ("..because we're an 'AM Company'".) and then had 
to buy back FM facilities in all their markets for 5 times the price!