Thomas S. Murphy, Broadcasting ‘Minnow’ Who Swallowed ABC, Dies at 96

Mr. Murphy began school at Princeton however left to affix the Navy, serving from 1943 to 1946. The Navy despatched him to Cornell, the place he earned an undergraduate diploma in mechanical engineering. He utilized to Harvard Enterprise College however was rejected and labored as an oil salesman for Texaco for a yr. He later utilized to Harvard once more and was accepted. He graduated in 1949.

He met Mr. Buffett within the early Seventies, and Mr. Buffett purchased 3 % of Capital Cities. After the value went up, Mr. Buffett offered the inventory, that means lacking the massive will increase in share costs to come back.

“Momentary madness,” Mr. Buffett later stated of his resolution to promote.

Mr. Lowenstein wrote that Mr. Murphy started checking with Mr. Buffett earlier than making lots of his larger enterprise choices. The 2 as soon as proposed shopping for Walter Annenberg’s publishing empire, which included The Philadelphia Inquirer and TV Information, on a 50-50 foundation for $1 billion. Mr. Annenberg declined to promote.

When Mr. Murphy purchased ABC, Mr. Buffett volunteered to purchase three million shares, or 18 %, of Capital Cities inventory, as a defensive measure to assist Mr. Murphy combat any hostile takeover makes an attempt. Mr. Buffett licensed Mr. Murphy to determine the way to vote his shares. (Mr. Buffett additionally hoped to make cash on the funding, which he did.)

Mr. Murphy’s spouse, Suzanne (Crosby) Murphy, died in 2009. He’s survived by three daughters, Emilie Murphy, Kathleen Murphy and Mary Conlin; a son, Thomas S. Murphy Jr.; and 9 grandchildren. A brother, Charlie, and a sister, Betty Murphy Orteig, died earlier than him.

Mr. Murphy preferred to brag that he by no means went to work. In an interview for Harvard Enterprise College, he stated: “I simply cherished fixing issues, or determining the way to make offers and issues like that, and I couldn’t wait to get to the workplace within the morning. So I by no means went to work. Not many individuals can say that. It’s an unbelievable luxurious to have the ability to say one thing like that.”

Maia Coleman contributed reporting.