Anxious to expand the company's broadcast and cable presence, longtime MCA head Lew Wasserman sought a rich partner. He located Japanese electronics manufacturer Matsushita Electric (now known as Panasonic), which agreed to acquire MCA for $6.6 billion in 1990. Meanwhile, around this time, the production subsidiary was renamed Universal Studios Inc., and (in 1990) MCA created MCA/Universal Home Video Inc. for the VHS video cassette (later DVD) sales industry.