Important Dates in UPI History With AM-UPI Filing
The Associated Press
Aug. 28, 1991
Undated (AP) _ Some important dates in the history of United Press International:
June 21, 1907 - United Press founded by E.W. Scripps as a privately owned wire service. Transmits 12,000 words of Morse code over leased telegraph lines to 369 afternoon newspapers.
1935 - Begins tailoring news for broadcasters.
1952 - Scripps sells UP its Acme Newspictures photo agency, which formerly operated as a companion company to UP.
1957 - Pulitzer Prize for international reporting.
May 1958 - UP merges with William Randolph Hearst's International News Service and is renamed United Press International. UPI has 6,000 employees and serves 5,000 newspaper and broadcast clients.
1960 - Pulitzer Prize for spot news photography.
1964 - Pulitzer Prize for national reporting.
1966 - Pulitzer Prize for spot news photography.
1968 - Pulitzer Prize for feature photography.
1971 - Pulitzer Prize for national reporting.
1972 - Pulitzer Prize for feature photography.
1978 - Pulitzer Prize for spot news photography.
1980 - Pulitzer Prize for spot news photography.
1982 - After subsidizing UPI's losses for years, the Scripps family sells the service to Tennesee businessmen Douglas Ruhe and William Geissler for a token $1 and agrees to contribute $5 million to see the service through the transition.
1985 - UPI files for protection from its creditors under Chapter 11 of the federal Bankruptcy code and a wave of layoffs begin.
June 1986 - Ruhe and Geissler sell UPI to Mexican businessmen Mario Vazques-Rana and Houston real estate developer Joe Russo, who were selected over rival bidder Financial News Network, for $41 million. Rana, who controls 90 percent of the company, promises to continue UPI as a general news service. Employees take a 25 percent wage cut to keep UPI afloat.
February 1988 - Rana sells UPI to Infotechnology Inc., which owns 46 percent of Financial News Network. UPI, which lost $40 million in the past two years, seeks to differentiate its news service by covering less local news and focusing on major news events, enterprise stories and explanatory journalism.
November 1990 - Employees vote to take 35 percent wage cut.
March 1991 - Infotechnology and FNN seek Chapter 11 protection from creditors.
Aug. 28, 1991 - UPI seeks to reorganize under Chapter 11, listing $65.2 million in liabilities and $22.7 million in assets. The company says it has 586 employees.