Wall Street Journal, September 1, 1921, page 7:
RADIO CORPORATION AND INTERNATIONAL MERGE
Westinghouse Electric Takes Over Good Block of Radio Corporation Stock and Several Patents--Will Close Some Coast Stations.
A consolidation has been concluded whereby Radio Corporation of America acquires International Radio and Telegraph Co. By this action, Westinghouse Electric Co. will take over a substantial block of stock of Radio Corporation. Among patents owned by Westinghouse, which will be turned over for use to Radio Corporation, are the Armstrong and Fessenden receiving apparatus, now in use at coastal stations of International Radio.
The merger will mean the closing of some of the stations of International Radio along the Atlantic coast. Six stations will be taken over and two or three retired. Radio Corporation has four stations of its own on the Atlantic coast. It is the present intention to leave seven stations in all, this number being considered sufficient to handle the business.
Capital stock outstanding of Radio Corporation of America, as of December 31, 1920, included $13,525,870 7% preferred and $9,611,392 common stock. General Electric controls Radio Corporation and American Tel. & Tel. holds a large block of stock. Stock to be taken over by Westinghouse will be treasury stock.
Negotiations have been under way for some time for the consolidation just completed. August 22, Edward J. Nally, president of Radio Corporation, Guy E. Tripp of Westinghouse Electric and Owen D. Young, vice-president of General Electric Co., sailed for Europe. These officials will confer with Sir Godfrey Isaacs, managing director Marconi's Wireless Telegraph Co., Ltd., presumably regarding traffic agreements with the foreign company. Last year the South American Radio Corporation was organized and is jointly owned by Radio Corporation of America and Marconi's Wireless Telegraph Co., Ltd., but is under management and control of Radio Corporation.