Chris-Craft Industries, Inc., formerly National Automotive Fibers, Inc., was a publicly held American corporation that was traded on the New York and Pacific Stock Exchanges.
[2] In 1962, the company adopted the name of one of its acquisitions, Chris-Craft Boats, which was founded in the late 19th century and became famous for mahogany-hulled powerboats in the 1920s through the 1950s.
Chris-Craft Industries also went into broadcasting, owning television stations via its subsidiary BHC Communications and co-founding the UPN TV network.
Shields trimmed NAF's product line and diversified the company into oil and gas operations, television and radio broadcasting.
[2] NAF and Bing Crosby teamed up to purchase a television station, KPTV in Portland, Oregon, for $4 million on September 1, 1959.
This dramatic new design was unveiled at the New York City National Boat show, perched at the top of an escalator on a giant, castered cradle.
[6] Between the 1960s and 1980s, Chris-Craft lost market share as competitors with more innovative designs and less expensive manufacturing techniques, such as fiberglass hulls, came on the scene.
The network, targeted toward the young male demographic group, premiered in early 1995 and offered four hours of original prime-time programming per week.
As part of the agreement, Chris-Craft owned 100 percent of UPN, with Paramount having the option to acquire an equal share through January 15, 1997.