Bell’s efforts worked, regardless of his methods. However, Bell did not pursue liquid transmitters for his commercial telephones, as it would have been impractical for mass production at the time. Instead, he returned to electromagnetic transmission, which he quickly developed to commercial viability, and which became the standard for telephone transmission thereafter. As he pursued telephone development more doggedly than Gray throughout the patent battle, he gained full claim over the rights to its earliest patents.
Bell became the founder of the Bell System, and Gray, though he continued to invent, never gained greater prominence. Bell vigorously defended his patents, building AT&T Inc. (NYSE:T) into a national monopoly as a result. AT&T has been an important part of the Dow Jones Industrial Average since 1939. When its initial membership period of 1916 to 1928 is considered, AT&T has been a part of the Dow for a total of 86 years.
Adding insult to injury, AT&T Inc. (NYSE:T) predecessor American Bell wound up acquiring Gray’s Western Electric in 1881 for its manufacturing capabilities. When the Bell System was broken up in 1984, Western Electric and Bell’s other development subsidiaries became AT&T Inc. (NYSE:T) Technologies, which was renamed Lucent Technologies after a 1997 spinoff. Today, it carries on Gray’s and Western Electric’s legacy of invention and telecommunications supply as Alcatel Lucent SA (ADR) (NYSE:ALU), which continues to provide hardware, software, and services for telecom purposes around the world.
The telecom industry has become one of the largest and most important elements of the global economy. All told, the industry generated an estimated $2.1 trillion in global revenue in 2012.
The strike that shaped TV’s modern landscape
The Writers Guild of America began the longest strike in its history on March 7, 1988. At issue was the payment of residuals for longer programs and a demand for greater creative control. What resulted was a deep erosion of television audiences that hastened the decline of television as an entertainment medium shortly before the Internet began to offer a viable (and far more varied) alternative. The strike lasted for five months, and by the time it ended, between 5% and 10% of American TV audiences had tuned out — some for good.
The strike had a major impact on the Los Angeles area, costing $500 million in lost economic opportunity. Quality suffered, as you might expect. David Letterman filled the time on his talk show by getting a shave on air. However, the strike did help give rise to two new TV phenomena: the documentary-style news program, whose writers were exempt from the strike, and the reality program, which didn’t need any writing. CBS Corporation (NYSE:CBS) began running 48 Hours shortly before the strike, and News Corp (NASDAQ:NWSA)‘s Fox began showing Cops a year later after commissioning it during the strike, inaugurating the reality-show craze. Animated programs also regained prominence during and after the strike, as animation writers did not take part. Fox’s The Simpsons also premiered a year after the writers’ strike, and its enduring success created a sustained interest in prime-time animation programs that continues to this day.
