In June 1978, Arledge created the newsmagazine 20/20; after its first episode received harshly negative reviews, the program – which debuted as a summer series, before becoming a year-round program in 1979 – was immediately revamped to feature a mix of in-depth stories and interviews, with Hugh Downs appointed as its anchor (later paired alongside his former Today colleague Barbara Walters). In February 1979, ABC sold its recording division to MCA Inc. for $20 million; the label was discontinued by March 5 of that year, and all of its 300 employees were laid off (the rights to the works of ABC Records and all of MCA's other labels have since been acquired by Universal Music Group).