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This marked the last season in which the Knicks (and all other MSG properties) were owned by Paramount Communications (formerly Gulf+Western), which was sold near the end of the season to Viacom, which in turn sold them to ITT Corporation and Cablevision.
Charles Bluhdorn, whose Gulf+Western owned both the Altos de Chavón and Paramount Pictures, had Paramount record the concert so it could be rebroadcast worldwide.
Similarly, the plan also called for the estate of the late Martin Davis (former chairman of Gulf+Western Industries/Paramount Communications Inc.) to provide US$21.9 million to Lionel, and the Davis estate would now have a 28.6 percent share in the reorganized company.
Lionel changed hands again in 1995, when Kughn sold controlling interest in the company to an investment group that included Neil Young (a longtime fan of model trains and of this brand) and the holding company Wellspring Capital Management, which was headed by former Paramount Communications (formerly Gulf+Western) chairman Martin Davis (he had left the board of Viacom, which bought Paramount the previous year).
Davis (1927-1999) was best known for his role in restructuring Gulf and Western Industries into Paramount Communications.