From late 1975 and throughout 1976, work proceeded on Atari’snew programmable home system.Bushnell and Atari’s president, Joe Keenan, hoped to release it in time
for Christmas 1977, but realized they didn’t have the finances to do so. Bushnell wanted to take the company public but his underwriter believed that that wouldn’t raise as much as they needed. Bushnell then sought help from Don Valentine, a venture capitalist who suggested that Bushnell should Find someone to buy the company. Bushnell really didn’t want to do that but he felt it was absolutely necessary to save the company.
Warner Communications was a huge entertainment conglomerate that was already involved in movies, publishing and music. During the mid-seventies, sales from Warner’s most profitable division, its music division, began falling. Warner’s executives concluded that the music business had reached its peak and that the huge profits that they had been…
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