net profit was a little over $7 million. Warner paid an unprecedented $5.5 million for the film rights to the Broadway musical My Fair Lady in February 1962. The previous owner, CBS director William S. Paley, set terms including half the distributor's gross profits "plus ownership of the negative at the end of the contract." In 1963, the studio's net profit dropped to $3.7 million. By the mid-1960s, motion picture production was in decline, as the industry was in the midst of a painful transition from the Golden Age of Hollywood to the era now known as New Hollywood. Few studio films were made in favor of co-productions (for which Warner provided facilities, money and distribution), and pickups of independent pictures. With the success of the studio's 1964 film of Broadway play My Fair Lady, as well as its soundtrack, Warner Bros. Records became a profitable subsidiary. The 1966 film Who's Afraid Of Virginia Woolf? was a huge success. In November 1966, Jack gave in to advancing age and changing times, selling control of the studio and music business to Seven Arts Productions, run by Canadian investors Eliot and Kenneth Hyman, for $32 million. The company, including the studio, was renamed Warner Bros.-Seven Arts. Warner remained president until the summer of 1967, when Camelot failed at the box office and Warner gave up his position to his longtime publicity director, Ben Kalmenson; Warner remained on board as an independent producer and vice-president. With the 1967 success of Bonnie and Clyde, Warner Bros. was again profitable. Two years later the Hymans were tired and fed-up with Jack Warner and his actions. They accepted a cash-and-stock offer from Kinney National Company for more than $64 million. In 1967, Kinney had previously acquired DC Comics (then officially known as National Periodical Publications), as well as a Hollywood talent agency, Ashley-Famous, whose founder Ted Ashley led Kinney head Steve Ross to purchase Warner Bros. Ashley-Famous was soon spun off due to antitrust laws prohibiting the simultaneous ownership of a film studio and a talent agency. Ashley became the studio head and changed the name to Warner Bros. Inc. once again. Jack Warner was outraged by the Hymans' sale, and decided to move into independent production (most successfully with 1776 at Columbia). He retired in 1973 and died from serious health complications of heart inflammation in September 1978. Although movie audiences had shrunk, Warner's new