NBC and Panasonic join forces to bring Astrovision videoscreen to Times Square

NEW YORK, NY (August 21, 1996)—NBC and Panasonic today announced joint plans for a state-of-the-art Astrovision video screen to be constructed on the north face of One Times Square, the building famous worldwide for the New Year's Eve ball drop, and known internationally as the symbol of the entire Times Square area.
"NBC Astrovision by Panasonic" is scheduled to begin full operation before New Year's Eve. The Times Square video screen is expected to become the world's premiere showcase for Astrovision video displays. It will feature a viewing area 27 percent larger than the sign that previously occupied the space. Astrovision provides a clear, bright picture even in sunny, daylight conditions thanks to Panasonic's advanced fluorescent discharge technology.
"This is NBC's window to the new Times Square, one of the world's greatest crossroads," said Bill Bolster, president of CNBC. "We're going to display the best that the NBC family has to offer, including news and events from the NBC network, NBC 4 New York, CNBC and MSNBC."
"We believe this team effort of bringing together Panasonic video technology and NBC's expertise in programming and graphics will serve New York City by contributing to the revitalization of Times Square," said Richard A. Kraft, president of Matsushita Electric Corporation of America, Panasonic's parent company.
"I am pleased to welcome this exciting, state-of-the-art videoscreen to the heart of our city, Times Square," said Mayor Rudolph Giuliani. "Thanks to some great teamwork between NBC and Panasonic, New Yorkers and visitors alike will be able to enjoy a cross section of entertainment at the crossroads of the world."
Panasonic's Astrovision technology also played a key role at the 1996 Atlanta Olympic Games, where a massive 1,100-square-foot video screen was the focal point for spectators in the Olympic Stadium. Along with this main display, several transportable Astrovision screens were deployed to display all the action on the field of play at other Olympic venues. Worldwide, more than 150 Panasonic Astrovision video boards are currently in use. Permanently installed Astrovisions are operating in stadiums, arenas, racing circuits and advertising displays in the U.S., Japan, Southeast Asia, Europe and Australia. Portable Astrovision video screens are used at concerts, golf tournaments and other public events around the world.
NBC will control 70 percent of the Astrovision programming, which is expected to operate from 7:00 a.m. to 1:30 a.m. daily. Programming content, graphics and the physical operation of the Astrovision will be directed from the CNBC headquarters in Fort Lee, NJ, under the direction of Mr. Bolster. Planned programming will include global business news and updates from CNBC, worldwide news from MSNBC and a selection of network and local events, sports, entertainment and news from NBC 4 New York.
Panasonic will control 30 percent of the Astrovision programming, which it will use to promote Panasonic and its products and possible dealer tie-ins. However, a great portion of Panasonic's ad time will be devoted to community service announcements and events, including the promotion of the new Times Square.
NBC is a global media company with broadly diverse holdings. NBC's core business remains the NBC Television Network including ten television stations owned by NBC. In cable, NBC owns and operates CNBC, operates MSNBC cable in connection with its joint venture with Microsoft and has part ownership in 17 other cable channels such as A&E, Court TV and The History Channel. Internationally, NBC operates CNBC and NBC in Europe, CNBC and NBC in Asia and Canal de Noticias NBC, a 24-hour Spanish language news service.
Matsushita Electric Corporation of America (MECA), with headquarters in Secaucus, NJ, was established in 1959 and is the principal North American subsidiary of Matsushita Electric Industrial Co., Ltd. (MEI) (NYSE: MC) of Osaka, Japan. Along with its subsidiaries and affiliates, MECA -- which markets products under the Panasonic, Technics and Quasar brands -- recorded sales of $7.3 billion in the fiscal year ended March 1996. Matsushita has 22 North American manufacturing sites in the United States, Canada, Mexico and Puerto Rico, and employs over 16,000 people here. MEI was a Worldwide Official Sponsor of the 1996 Atlanta Summer Olympic Games.