It may also come as a surprise to some of you, but I want you to know that you have my admiration and my respect. Yours is a most honorable profession. Anyone who is in the broadcasting business has a tough row to hoe. You earn your bread by using public property. When you work in broadcasting you volunteer for public service, public pressure, and public regulation. You must compete with other attractions and other investments, and the only way you can do it is to prove to us every three years that you should have been in business in the first place.
I can think of easier ways to make a living.
But I cannot think of more satisfying ways.
I admire your courage -- but that doesn't mean that I would make life any easier for you. Your license lets you use the public's airwaves as trustees for 180 million Americans. The public is your beneficiary. If you want to stay on as trustees, you must deliver a decent return to the public -- not only to your stockholders. So, as a representative of the public, your health and your product are among my chief concerns.
Now as to your health, let's talk only of television today. 1960 gross broadcast revenues of the television industry were over 1,268,000,000 dollars. Profit before taxes was 243,900,000 dollars, an average return on revenue of 19.2 per cent. Compare these with 1959, when gross broadcast revenues were 1,163,900,000 dollars, and profit before taxes was 222,300,000, an average return on revenue of 19.1 per cent. So the percentage increase of total revenues from '59 to '60 was 9 per cent, and the percentage increase of profit was 9.7 per cent. This, despite a recession throughout the country. For your investors, the price has indeed been right.
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