Kinney sold Riverside Memorial Chapel to Service Corporation International. Kinney also announced that it would form a new separate company focused on its parking and cleaning businesses; National Kinney Corporation was formally founded in September 1971. On November 22, 1971, Kinney Services also bought Television Communications Corporation (which renamed as Warner Cable in 1973), including its recording studio operations of 1,210,500 common shares. Kinney National also owned wood flooring manufacturer Circle Floor from Seymour Milstein and Paul Milstein, when Kinney's predecessor bought it in 1964 for $15 million, with the Milsteins remaining as managers of the unit until 1971 before sale. Financial scandal Due to a financial scandal involving price fixing in its parking operations, Kinney National spun off its non-entertainment assets in September 1971 as the National Kinney Corporation, and renamed the remaining Kinney National Company as Warner Communications Inc. on February 10, 1972. Steve Ross was the company's sole CEO, president, and chairman. Directors included Charles A. Agemian, the CEO of Garden State National Bank. References Predecessors of Warner Bros. Discovery Conglomerate companies of the United States Defunct mass media companies of the United States American companies established in 1966 Mass media companies established in 1966 Mass media companies disestablished in 1972 Corporate scandals Corporate crime Conglomerate companies established in 1966 Conglomerate companies disestablished in 1972