Steve Ross Earns $78M
From funeral limos to Warner Bros, his unorthodox path made him America's highest-paid exec in 1990
Steve Ross built Time Warner into one of the world's largest companies, earning $78 million in 1990, the largest pay package of any executive in America at the time.
Ross started his business journey by renting his father-in-law's funeral parlor's limousines out at night. He then founded a rental car company, merged it with a parking lot business, and bought a cleaning business.
Ross took Kinney Services, which included the funeral parlor, public and used it to buy a flooring company, a painting company, a carpentry company, and a plumbing company. He eventually acquired the legendary Warner Bros. movie studio.
Ross's success is notable not only for its magnitude but also for its unconventional path. He built his business empire by acquiring and merging mundane businesses, challenging traditional economic theories of business profit.
## What changed Ross's acquisition of Warner Bros. marked a significant turning point in his career, as it gave him a foothold in the media industry. He went on to make a lasting impact on the media landscape, with MTV and Nickelodeon being born under his leadership.
## Why it matters Ross's story is a fascinating case study of how an entrepreneur can build a business empire through strategic acquisitions and mergers. His success has far-reaching implications for our understanding of business and economics, highlighting the importance of adaptability and strategic thinking.
Ross's legacy extends beyond his business accomplishments. He was remembered by prominent figures in the entertainment industry, including Clint Eastwood and Steven Spielberg, who dedicated their Best Picture Oscars to him in 1992 and 1994, respectively.
Ross passed away in 1992, but his impact on the business world continues to be felt. His unorthodox approach to building a business empire serves as a reminder that success can be achieved through unconventional means, and that sometimes, it's the unexpected path that leads to the greatest rewards.
