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The CBS years: 1960-77:
ARC's recording facilities were transferred from Bligh Street to Artarmon sometime in 1960, but the most important event in the company's history took place on 29 April of that year, when the entire board of directors resigned. In their place, two Australians and four Americans were installed to direct operations. All four American board members were executives with CBS and/or Columbia Records. Although rarely discussed, the CBS acquisition of ARC was a significant landmark for the local Australian music industry, since it came only weeks after the January 1960 acquisition of Festival Records by News Limited, the newspaper and publishing company owned and controlled by budding media tycoon Rupert Murdoch.