Subsidiary

A subsidiary, subsidiary company or daughter company[1][2][3] is a company that is owned or controlled by another company, which is called the parent company, parent, or holding company.[4][5] The subsidiary can be a company, corporation, or limited liability company. In some cases it is a government or state-owned enterprise. In some cases, particularly in the music and book publishing industries, subsidiaries are referred to as imprints.

In the United States railroad industry, an operating subsidiary is a company that is a subsidiary but operates with its own identity, locomotives and rolling stock. In contrast, a non-operating subsidiary would exist on paper only (i.e., stocks, bonds, articles of incorporation) and would use the identity of the parent company.

Subsidiaries are a common feature of business life, and most multinational corporations organize their operations in this way.[6] Examples include holding companies such as Berkshire Hathaway,[7] Jefferies Financial Group, WarnerMedia, or Citigroup; as well as more focused companies such as IBM or Xerox. These, and others, organize their businesses into national and functional subsidiaries, often with multiple levels of subsidiaries.

Details

Subsidiaries are separate, distinct legal entities for the purposes of taxation, regulation and liability. For this reason, they differ from divisions, which are businesses fully integrated within the main company, and not legally or otherwise distinct from it.[8] In other words, a subsidiary can sue and be sued separately from its parent and its obligations will not normally be the obligations of its parent. However, creditors of an insolvent subsidiary may be able to obtain a judgment against the parent if they can pierce the corporate veil and prove that the parent and subsidiary are mere alter egos of one another, therefore any copyrights, trademarks, and patents remain with the subsidiary until the parent shuts down the subsidiary.

One of the ways of controlling a subsidiary is achieved through the ownership of shares in the subsidiary by the parent. These shares give the parent the necessary votes to determine the composition of the board of the subsidiary, and so exercise control. This gives rise to the common presumption that 50% plus one share is enough to create a subsidiary. There are, however, other ways that control can come about, and the exact rules both as to what control is needed, and how it is achieved, can be complex (see below). A subsidiary may itself have subsidiaries, and these, in turn, may have subsidiaries of their own. A parent and all its subsidiaries together are called a corporate , although this term can also apply to cooperating companies and their subsidiaries with varying degrees of shared ownership.

A parent company does not have to be the larger or "more powerful" entity; it is possible for the parent company to be smaller than a subsidiary, such as DanJaq, a closely held family company, which controls Eon Productions, the large corporation which manages the James Bond franchise. Conversely, the parent may be larger than some or all of its subsidiaries (if it has more than one), as the relationship is defined by control of ownership shares, not the number of employees.

The parent and the subsidiary do not necessarily have to operate in the same locations or operate the same businesses. Not only is it possible that they could conceivably be competitors in the marketplace, but such arrangements happen frequently at the end of a hostile takeover or voluntary merger. Also, because a parent company and a subsidiary are separate entities, it is entirely possible for one of them to be involved in legal proceedings, bankruptcy, tax delinquency, indictment or under investigation while the other is not.

Tiered subsidiaries

In descriptions of larger corporate structures, the terms "first-tier subsidiary", "second-tier subsidiary", "third-tier subsidiary" etc. are often used to describe multiple levels of subsidiaries. A first-tier subsidiary means a subsidiary/daughter company of the ultimate parent company,[9][10] while a second-tier subsidiary is a subsidiary of a first-tier subsidiary: a "granddaughter" of the main parent company.[11] Consequently, a third-tier subsidiary is a subsidiary of a second-tier subsidiary—a "great-granddaughter" of the main parent company.

The ownership structure of the small British specialist company Ford Component Sales, which sells Ford components to specialist car manufacturers and OEM manufacturers, such as Morgan Motor Company and Caterham Cars,[12] illustrates how multiple levels of subsidiaries are used in large corporations:

  • Ford Motor Company – U.S. parent company based in Dearborn, Michigan
    • Ford International Capital LLC – First-tier subsidiary (U.S. holding company located in Dearborn, Michigan, but registered in Delaware)[13][14]
      • Ford Technologies Limited – Second-tier subsidiary (British holding company, located at the Ford UK head office in Brentwood, Essex, with five employees)[15]

Control

General

The word "control" and its derivatives (subsidiary and parent) may have different meanings in different contexts. These concepts may have different meanings in various areas of law (e.g. corporate law, competition law, capital markets law) or in accounting. E.g., while Company A may not be required to undergo merger control when purchasing shares in Company B (because it is deemed to already control it under competition law rules), the same Company A may be required to start consolidating Company B into its financial statements under the relevant accounting rules (because it had been treated as a joint venture ).

Control can be direct (e.g., an ultimate parent company controls the first-tier subsidiary directly) or indirect (e.g., an ultimate parent company controls second and lower tiers of subsidiaries indirectly, through first-tier subsidiaries).

European Union

Recital 31 of Directive 2013/34/EU[17] stipulates that control should be based on holding a majority of voting rights, but control may also exist where there are agreements with fellow shareholders or members. In certain circumstances, control may be effectively exercised where the parent holds a minority or none of the shares in the subsidiary.

According to Article 21 of the directive 2013/34/EU an undertaking is a parent if it:

  • has a majority of the shareholders' or members' voting rights in another undertaking (a subsidiary undertaking);
  • has the right to appoint or remove a majority of the members of the administrative, management or supervisory body of another undertaking (a subsidiary undertaking) and is at the same time a shareholder in or member of that undertaking;
  • has the right to exercise a dominant influence over an undertaking (a subsidiary undertaking) of which it is a shareholder or member, pursuant to a contract entered into with that undertaking or to a provision in its memorandum or articles of association, where the law governing that subsidiary undertaking permits its being subject to such contracts or provisions.
  • is a shareholder in or member of an undertaking, and:
    • a majority of the members of the administrative, management or supervisory bodies of that undertaking (a subsidiary undertaking) who have held office during the financial year, during the preceding financial year and up to the time when the consolidated financial statements are drawn up, have been appointed solely as a result of the exercise of its voting rights; or
    • controls alone, pursuant to an agreement with other shareholders in or members of that undertaking (a subsidiary undertaking), a majority of shareholders' or members' voting rights in that undertaking.

Additionally control may arise when:

  • a parent undertaking has the power to exercise, or actually exercises, dominant influence or control over another undertaking (the subsidiary undertaking); or
  • a parent undertaking and another undertaking (the subsidiary undertaking) are managed on a unified basis by the parent undertaking.

Under the international accounting standards adopted by the EU[18] a company is deemed to control another company only if it has all the following:

  • power over the other company;
  • exposure, or rights, to variable returns from its involvement with the other company; and
  • the ability to use its power over the other company to affect the number of the company's returns (IFRS 10 para 7). Power generally arises when the parent has rights that give it the ability to direct the relevant activities, i.e. the activities that significantly affect the other subsidiary's returns.

A subsidiary can have only one parent; otherwise, the subsidiary is, in fact, a joint arrangement (joint operation or joint venture) over which two or more parties have joint control (IFRS 11 para 4). Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control.

United Kingdom

The Companies Act2006

contains two definitions: one of "subsidiary" and the other "subsidiary undertaking".

According to s.1159 of the Act a company is a "subsidiary" of another company, its "holding company", if that other company:

  • holds a majority of the voting rights in it, or
  • is a member of it and has the right to appoint or remove a majority of its board of directors, or
  • is a member of it and controls alone, pursuant to an agreement with other members, a majority of the voting rights in it, or if it is a subsidiary of a company that is itself a subsidiary of that other company.

The second definition is broader. According to s.1162 of the Companies Act 2006, an undertaking is a parent undertaking in relation to another undertaking, a subsidiary undertaking, if:

  • it holds a majority of the voting rights in the undertaking, or
  • it is a member of the undertaking and has the right to appoint or remove a majority of its board of directors, or
  • it has the right to exercise a dominant influence over the undertaking—
    • by virtue of provisions contained in the undertaking's articles, or
    • by virtue of a control contract, or
  • it is a member of the undertaking and controls alone, pursuant to an agreement with other shareholders or members, a majority of the voting rights in the undertaking.

An undertaking is also a parent undertaking in relation to another undertaking, a subsidiary undertaking, if:

  • it has the power to exercise, or actually exercises, dominant influence or control over it, or
  • it and the subsidiary undertaking are managed on a unified basis.

The broader definition of "subsidiary undertaking" is applied to the accounting provisions of the Companies Act 2006, while the definition of "subsidiary" is used for general purposes.[19]

Oceania

In Oceania, the accounting standards defined the circumstances in which one entity controls another. In doing so, they largely abandoned the legal control concepts in favour of a definition that provides that "control" is "the capacity of an entity to dominate decision-making, directly or indirectly, in relation to the financial and operating policies of another entity so as to enable that other entity to operate with it in pursuing the objectives of the controlling entity". This definition was adapted in the Australian Corporations Act 2001: s 50AA.[20] And also it can be a very useful part of the company that allows every head of the company to apply new projects and latest rules.

Business models which feature elements similar to subsidiaries

See also

References

  1. ^ "daughter company = subsidiary: a company that is completely or partly owned by another company" Longman Business English Dictionary
  2. ^ Investopedia: "A subsidiary company is sometimes referred to as a daughter company."
  3. ^ "Daughter Company Definition from Financial Times Lexicon". Lexicon.ft.com. Retrieved 2013-09-29.
  4. ^ "What Is the Difference Between a Subsidiary & a Sister Company?".
  5. ^ "Subsidiary - Definition and More from the Free Merriam-Webster Dictionary". Merriam-webster.com. Retrieved 2015-01-15.
  6. ^ Drucker, Peter F. (September–October 1997). "The Global Economy and the Nation-State". Foreign Affairs. Council on Foreign Relations.
  7. ^ "Links To Berkshire Hathaway Sub. Companies". Berkshirehathaway.com. Retrieved 2013-09-29.
  8. ^ "subsidiary legal definition of subsidiary. subsidiary synonyms by the Free Online Law Dictionary". Legal-dictionary.thefreedictionary.com. Retrieved 2013-09-29.
  9. ^ As with human family trees, each level above one level is the parent of the level below, so the term "parent company" in itself doesn't necessarily refer to the company at the top of the tree, so here "ultimate parent company" has been used for that.
  10. ^ Houston Chronicle Small Business sector: What Is a First Tier Subsidiary? Retrieved 2013-04-12
  11. ^ USLegal: Second-Tier Subsidiary Law & Legal Definition Retrieved 2013-04-12
  12. ^ Ford Component Sales Ltd: High quality components for a variety of uses Retrieved 2013-04-12
  13. ^ SEC: Subsidiaries of Ford Motor Company as of February 11, 2011 Retrieved 2013-04-12
  14. ^ Bloomberg Businessweek: Company Overview of Ford International Capital LLC, page 2 Retrieved 2013-04-12
  15. ^ Duedil: Blue Oval Holdings Retrieved 2013-04-12
  16. ^ Duedil: Ford Motor Company Limited Retrieved 2013-04-12
  17. ^ "DIRECTIVE 2013/34/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC". Retrieved 2015-01-15.
  18. ^ "COMMISSION REGULATION (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council". Retrieved 2015-01-15.
  19. ^ "Farstad Supply AS v Enviroco Ltd [2011] UKSC 16, para 16". Retrieved 2015-01-19.
  20. ^ "CORPORATIONS ACT 2001 - SECT 50AA Control". Austlii.edu.au. Retrieved 2013-09-29.
Atari

Atari SA () is a French corporate and brand name owned by several entities since its inception in 1972, currently by Atari Interactive, a subsidiary of the French publisher Atari, SA. The original Atari, Inc., founded in Sunnyvale, California in 1972 by Nolan Bushnell and Ted Dabney, was a pioneer in arcade games, home video game consoles, and home computers. The company's products, such as Pong and the Atari 2600, helped define the electronic entertainment industry from the 1970s to the mid-1980s.

In 1984, as a result of the video game crash of 1983, the original Atari Inc. was split, and the arcade division was turned into Atari Games Inc. Atari Games received the rights to use the logo and brand name with appended text "Games" on arcade games, as well as rights to the original 1972–1984 arcade hardware properties. The Atari Consumer Electronics Division properties were in turn sold to Jack Tramiel's Tramiel Technology Ltd., which then renamed itself to Atari Corporation. In 1996, Atari Corporation reverse-merged with disk-drive manufacturer JT Storage (JTS), becoming a division within the company. In 1998, Hasbro Interactive acquired all Atari Corporation related properties from JTS, creating a new subsidiary, Atari Interactive.Infogrames Entertainment (IESA) bought Hasbro Interactive in 2001 and renamed it Infogrames Interactive, which intermittently published Atari branded titles. In 2003, it renamed the division Atari Interactive. Another IESA division, Infogrames Inc. (formerly GT Interactive), changed its name to Atari Inc. the same year, licensing the Atari name and logo from its fellow subsidiary.In 2008, IESA completed its acquisition of Atari, Inc.'s outstanding stock, making it a wholly owned subsidiary. IESA renamed itself Atari, SA in 2009. It sought bankruptcy protection under French law in January 2013.

Automotive industry

The automotive industry is a wide range of companies and organizations involved in the design, development, manufacturing, marketing, and selling of motor vehicles.

It is one of the world's largest economic sectors by revenue. The automotive industry does not include industries dedicated to the maintenance of automobiles following delivery to the end-user, such as automobile repair shops and motor fuel filling stations.

The word automotive is from the Greek autos (self), and Latin motivus (of motion) to refer to any form of self-powered vehicle. This term, as proposed by Elmer Sperry

(1860-1930), first came into use with reference to automobiles in 1898.

Cathay Pacific

Cathay Pacific Airways Limited (CPA), also known as Cathay Pacific or just simply Cathay, is the flag carrier of Hong Kong, with its head office and main hub located at Hong Kong International Airport. The airline's operations and subsidiaries have scheduled passenger and cargo services to more than 190 destinations in more than 60 countries worldwide including codeshares and joint ventures. Cathay Pacific operates a fleet of wide-body aircraft, consisting of Airbus A330, Airbus A350 and Boeing 777 equipment. Cathay Pacific Cargo operates two models of the Boeing 747. Wholly owned subsidiary airline Cathay Dragon operates to 44 destinations in the Asia-Pacific region from its Hong Kong base. In 2010, Cathay Pacific and Cathay Pacific Cargo, together with Cathay Dragon, carried nearly 27 million passengers and over 1.8 million tons of cargo and mail.

The airline was founded on 24 September 1946 by Australian Sydney H. de Kantzow and American Roy C. Farrell. The airline made the world's first non-stop transpolar flight flying over the North Pole in July 1998, which was also the maiden flight to arrive at the then new Hong Kong International Airport. The airline celebrated its 70th anniversary in 2016; and as of March 2018, its major shareholders are Swire Pacific, Qatar Airways and Air China. It is reciprocally one of the major shareholders of Air China.

Cathay Pacific is the world's tenth largest airline measured in terms of sales, and fourteenth largest measured in terms of market capitalisation. In 2010, Cathay Pacific became the world's largest international cargo airline, along with main hub Hong Kong International Airport as the world's busiest airport in terms of cargo traffic.It is one of the founding members of the Oneworld alliance. Cathay Pacific's subsidiary Cathay Dragon is an affiliate member of Oneworld.

Division (business)

A division of a business, sometimes called a business sector or business unit (segment), is one of the parts into which a business, organization or company is divided. The divisions are distinct parts of that business. If these divisions are all part of the same company, then that company is legally responsible for all of the obligations and debts of the divisions. However, in a large organization, various parts of the business may be run by different subsidiaries, and a business division may include one or many subsidiaries. Each subsidiary is a separate legal entity owned by the primary business or by another subsidiary in the hierarchy. Often a division operates under a separate name and is the equivalent of a corporation or limited liability company obtaining a fictitious name or "doing business as" certificate and operating a business under that fictitious name. Companies often set up business units to operate in divisions prior to the legal formation of subsidiaries.

Generally, only an "entity", e.g. a corporation, public limited company (plc) or limited liability company, etc. would have a "division"; an individual operating in this manner would simply be "operating under a fictitious name".

GCE Advanced Level

The A Level (Advanced Level) is a subject-based qualification conferred as part of the General Certificate of Education, as well as a school leaving qualification offered by the educational bodies in the United Kingdom and the educational authorities of British Crown dependencies to students completing secondary or pre-university education. A number of countries, including Singapore, Kenya, Mauritius and Zimbabwe have developed qualifications with the same name as and a similar format to the British A Levels. Obtaining an A Level, or equivalent qualifications, is generally required for university entrance, with universities granting offers based on grades achieved.A Levels are generally worked towards over two years. Normally, students take between 3 and 5 A Levels in their first year of sixth form, and most cut back to 3 in their second year. This is because university offers are normally based on 3 A Levels. Unlike other level 3 qualifications such as the International Baccalaureate, A Levels have no specific subject requirements, so students have the opportunity to combine any subjects they wish to take. However, students normally pick their courses based on the degree they wish to pursue at university: most degrees require specific A Levels for entry, such as A Level Mathematics for a Mathematics degree.In legacy modular courses (last assessment Summer 2019), A Levels are split into two parts, with students within their first year of study pursuing an Advanced Subsidiary qualification, commonly referred to as an AS or AS Level, which can either serve as an independent qualification or contribute 50% of the marks towards a full A Level award. The second part is known as an A2 or A2 Level, which is generally more in-depth and academically rigorous than the AS. The AS and A2 marks are combined for a full A Level award. The A2 Level is not a qualification on its own, and must be accompanied with an AS Level in the same subject for certification. Due to the fact that AS Levels are considered less academically rigorous, the A* grade is reserved for those taking the subject to A2 standard, so only A2 units contribute to this grade. Additionally, students who are displeased with results from their AS units have the ability to resit. However, this has been widely criticised as nurturing a 'resit culture' and causing perceived 'grade inflation'.

Hotstar

Hotstar is an Indian digital and mobile entertainment platform launched in 6 February 2015 by Star India. It is owned by Novi Digital Entertainment, a wholly owned subsidiary of Star India. It provides streaming media and video-on-demand services and is available on web, Android, iOS, FireTV, and Apple TV platforms.

List of mobile phone makers by country

This is a list of mobile phone makers sorted by country.

Marvel Entertainment

Marvel Entertainment, LLC (formerly Marvel Enterprises and Toy Biz, Inc., and marketed and stylized as MARVEL) is an American entertainment company founded in June 1998 and based in New York City, formed by the merger of Marvel Entertainment Group, Inc. and ToyBiz. The company is a wholly owned subsidiary of The Walt Disney Company, and is mainly known for its Marvel Comics, Marvel Animation, and Marvel Television units. Marvel Studios, formerly under the Marvel umbrella, became a subsidiary of The Walt Disney Studios, where it develops and produces a shared universe of films that shares continuity with some of the shows produced by the television unit.

In 2009, The Walt Disney Company acquired Marvel Entertainment for US$4 billion; it has been a limited liability company (LLC) since then. For financial reporting purposes, Marvel is primarily reported as part of Disney's Consumer Products segment ever since Marvel Studios' reorganization into Walt Disney Studios.Over the years, Marvel Entertainment has entered into several partnerships and negotiations with other companies across a variety of businesses. As of 2018, Marvel has film licensing agreements with 20th Century Fox (for X-Men films and Fantastic Four films), Sony Pictures (for Spider-Man films), and Universal Pictures (a right of first refusal to pick up the distribution rights to any future Hulk films produced by Marvel Studios), and a theme park licensing agreement with Universal Parks & Resorts (for specific Marvel character rights at Islands of Adventure and Universal Studios Japan). Aside from their contract with Universal Parks & Resorts, Marvel's characters and properties have also appeared at Disney Parks.

Motown

Motown Records is an American record label owned by Universal Music Group. It was originally founded by Berry Gordy Jr. as Tamla Records on January 12, 1959, and was incorporated as Motown Record Corporation on April 14, 1960. Its name, a portmanteau of motor and town, has become a nickname for Detroit, where the label was originally headquartered.

Motown played an important role in the racial integration of popular music as an African American-owned label that achieved significant crossover success. In the 1960s, Motown and its subsidiary labels (including Tamla Motown, the brand used outside the US) were the most successful proponents of what came to be known as the Motown Sound, a style of soul music with a distinct pop influence. Motown was the most successful record label of soul music net worth totaling $61 million. During the 1960s, Motown achieved spectacular success for a small label: 79 records in the top-ten of the Billboard Hot 100 between 1960 and 1969. Following the events of the Detroit Riots of 1967 and the loss of key songwriting/production team Holland-Dozier-Holland the same year over pay disputes, Gordy began relocating Motown to Los Angeles, California. The move was completed in 1972, and Motown later expanded into film and television production, remaining an independent company until 1994, when it was sold to PolyGram before being sold again to MCA Records' successor Universal Music Group when it acquired PolyGram in 1999.Motown spent much of the 2000s headquartered in New York City as a part of the UMG subsidiaries Universal Motown and Universal Motown Republic Group. From 2011 to 2014, it was a part of The Island Def Jam Music Group division of Universal Music. In 2014, however, UMG announced the dissolution of Island Def Jam, and Motown relocated back to Los Angeles to operate under the Capitol Music Group, now operating out of the landmark Capitol Tower. In 2018, Motown was inducted into Rhythm & Blues Hall of Fame class at the Charles H. Wright Museum, and Motown legend Martha Reeves received the award for the label.

Multinational corporation

A multinational corporation (MNC) or worldwide enterprise is a corporate organization which owns or controls production of goods or services in at least one country other than its home country. Black's Law Dictionary suggests that a company or group should be considered a multinational corporation if it derives 25% or more of its revenue from out-of-home-country operations. A multinational corporation can also be referred to as a multinational enterprise (MNE), a transnational enterprise (TNE), a transnational corporation (TNC), an international corporation, or a stateless corporation. There are subtle but real differences between these three labels, as well as multinational corporation and worldwide enterprise.

Most of the largest and most influential companies of the modern age are publicly traded multinational corporations, including Forbes Global 2000 companies. Multinational corporations are subject to criticisms for lacking ethical standards, and that this shows up in how they evade ethical laws and leverage their own business agenda with capital, and even the military backing of their own wealthy host nation-states. They have also become associated with multinational tax havens and base erosion and profit shifting tax avoidance activities.

NBCUniversal

NBCUniversal Media, LLC is an American worldwide mass media conglomerate owned by Comcast and headquartered at Rockefeller Plaza's Comcast Building in Midtown Manhattan, New York City. It is one of two successor companies to MCA Inc., the other being Vivendi through its subsidiary Universal Music Group.

NBCUniversal is primarily involved in the media and entertainment industry; among its most significant divisions are the National Broadcasting Company (NBC), one of the United States' "Big Three" television networks, and the film studio Universal Pictures. It also has a significant presence in broadcasting through a portfolio of domestic and international properties, including terrestrial and pay television outlets. Via its Universal Parks & Resorts division, NBCUniversal is also the third-largest operator of amusement parks in the world.NBCUniversal was formed in 2004 with the merger of General Electric's NBC with Vivendi Universal's film and television subsidiary Vivendi Universal Entertainment, after GE had acquired 80% of the subsidiary, giving Vivendi a 20% share of the new company. In 2011, Comcast attained 51% and thereby the control of newly reformed NBCUniversal, by purchasing shares from GE, while GE bought out Vivendi. Since 2013, the company is wholly owned by Comcast, which bought GE's ownership stake.

Parent company

A parent company is a company that owns enough voting stock in another firm to control management and operation by influencing or electing its board of directors. The company is deemed a subsidiary of the parent company.

Pavilion

In architecture, a pavilion (from French pavillon, from Latin papilio) has several meanings. In architectural terminology it refers to a subsidiary building that is either positioned separately or as an attachment to a main building. Often its function makes it an object of pleasure.In the traditional architecture of Asia, palaces or other large houses may have one or more subsidiary pavilions that are either freestanding or connected by covered walkways, as in the Forbidden City, Topkapi Palace in Istanbul, and in the Red Fort and other buildings of Mughal architecture.

In another more specific meaning applied to large palaces, it refers to symmetrically placed subsidiary building blocks that appear to be attached to each end of a main building block or to the outer ends of wings that extend from both sides of a central building block – the corps de logis. Such configurations provide an emphatic visual termination to the composition of a large building, akin to bookends.

Rolls-Royce Motor Cars

Rolls-Royce Motor Cars Limited is a British luxury automobile maker. A wholly owned subsidiary of German group BMW, it was established in 1998 after BMW was licensed the rights to the Rolls-Royce brand name and logo from Rolls-Royce plc and acquired the rights to the Spirit of Ecstasy and Rolls-Royce grill shape trademarks from Volkswagen AG. Rolls-Royce Motor Cars Limited operates from purpose-built administrative and production facilities opened in 2003 across from the historic Goodwood Circuit in Goodwood, West Sussex, England, United Kingdom. Rolls-Royce Motors Cars Limited is the exclusive manufacturer of Rolls-Royce branded motor cars since 2003.

Although the Rolls-Royce brand has been in use since 1906, the Rolls-Royce Motor Cars subsidiary of BMW AG has no direct relationship to Rolls-Royce branded vehicles produced prior to 2003. The Bentley Motors Limited subsidiary of Volkswagen AG is the direct successor to Rolls-Royce Motors and various other predecessor entities that produced Rolls-Royce and Bentley branded cars between the foundation of each company and 2003, when the BMW-controlled entity started producing cars under the Rolls-Royce brand.

The Rolls-Royce Phantom four-door sedan was the first product offered for sale in 2003. Since then, the company has expanded its product line to include extended wheelbase, two-door coupé, and convertible versions of the Phantom sedan, as well as the smaller Ghost four-door sedan and Wraith two-door coupé.

Sony Pictures

Sony Pictures Entertainment Inc. (known simply as Sony Pictures and abbreviated as SPE) is an American entertainment company that produces, acquires and distributes filmed entertainment (theatrical motion pictures, television programs, and recorded videos) through multiple platforms. Through an intermediate holding company called Sony Film Holding Inc., it is operated as a subsidiary of Sony Entertainment Inc., which is itself a subsidiary of Sony Corporation of America, a wholly owned subsidiary and the US headquarters of the Tokyo-based multinational technology and media conglomerate Sony Corporation. Based in Culver City, California, it encompasses Sony's motion picture, television production and distribution units. Its group sales in the fiscal year 2017 (April 2017 – March 2018) has been reported to be $9.133 billion.SPE is a member of the Big Six and the Motion Picture Association of America (MPAA).Sony Pictures' film franchises include The Karate Kid, Ghostbusters, Spider-Man, Jumanji, Stuart Little, Men in Black, Underworld, Robert Langdon, The Smurfs (via Peyo), Sniper, Hotel Transylvania, and many more.

Square Enix

Square Enix Holdings Co., Ltd. is a Japanese video game developer, publisher, and distribution company known for its Final Fantasy, Dragon Quest, and Kingdom Hearts role-playing video game franchises, among numerous others. Several of them have sold over 10 million copies worldwide, with the Final Fantasy franchise alone selling over 115 million. The Square Enix headquarters are in the Shinjuku Eastside Square Building in Shinjuku, Tokyo. The company employs over 4300 employees worldwide.

The original Square Enix Co., Ltd. was formed as the result of a merger between Enix Corporation and Square Co., Ltd. in April 2003, with Enix as the surviving company. Each share of Square's common stock was exchanged for 0.85 shares of Enix's common stock. At the time, 80% of Square Enix staff were made up of former Square employees. As part of the merger, former Square president Yoichi Wada was appointed president of the new corporation, while former Enix president Keiji Honda was named its vice president, and the founder of Enix, Yasuhiro Fukushima, the largest shareholder of the combined corporation, became its honorary chairman.

In October 2008, Square Enix conducted a company split between its corporate business and video game operations. Square Enix re-branded itself as Square Enix Holdings Co., Ltd., a holding company, while its internally domestic video game operations were formed as a new subsidiary called Square Enix Co., Ltd. During the 2014 fiscal year, the company made over ¥150 billion in revenue (US$1.36 billion).In addition to its flagship subsidiary, Square Enix Holdings owns the arcade gaming corporation Taito, known for games such as Space Invaders, Bubble Bobble, and Darius. Square Enix also owned British game publisher Eidos Interactive, which was absorbed into Square Enix Europe in order to publish Eidos Interactive titles such as Tomb Raider, Deus Ex and Hitman under the Square Enix brand.

Subsidiary communications authority

Subsidiary Communications Authorization (SCA) in the United States, and Subsidiary Communications Multiplex Operation (SCMO) in Canada, is a subcarrier on a radio station, allowing the station to broadcast additional services as part of its signal.

Summit

A summit is a point on a surface that is higher in elevation than all points immediately adjacent to it. The topographic terms acme, apex, peak (mountain peak), and zenith are synonymous.

The term top (mountain top) is generally used only for a mountain peak that is located at some distance from the nearest point of higher elevation. For example, a big massive rock next to the main summit of a mountain is not considered a summit. Summits near a higher peak, with some prominence or isolation, but not reaching a certain cutoff value for the quantities, are often considered subsummits (or subpeaks) of the higher peak, and are considered part of the same mountain. A pyramidal peak is an exaggerated form produced by ice erosion of a mountain top. Summit may also refer to the highest point along a line, trail, or route.

The highest summit in the world is Everest with height of 8844.43 m above sea level (29,029 ft). The first official ascent was made by Tenzing Norgay and Sir Edmund Hillary. They reached the mountain`s peak in 1953.Whether a highest point is classified as a summit, a sub peak or a separate mountain is subjective. The UIAA definition of a peak is that it has a prominence of 30 metres (98 ft) or more; it is a mountain summit if it has a prominence of at least 300 metres (980 ft). Otherwise, it's a subpeak.

In many parts of the western United States, the term summit refers to the highest point along a road, highway, or railroad. For example, the highest point along Interstate 80 in California is referred to as Donner Summit and the highest point on Interstate 5 is Siskiyou Mountain Summit.

Walt Disney Pictures

Walt Disney Pictures (also known as Disney Live Action, branded on-screen as Disney since 2011) is an American film studio and a subsidiary of Walt Disney Studios, owned by The Walt Disney Company. The subsidiary is the main producer of live-action feature films within the Walt Disney Studios unit, and is based at the Walt Disney Studios in Burbank, California. It took on its current name in 1983. Today, in conjunction with the other units of Walt Disney Studios, Walt Disney Pictures is regarded as one of Hollywood's "Big Six" film studios. Films produced by Walt Disney Animation Studios and Pixar Animation Studios are also released under this brand.

Pirates of the Caribbean is the studio's most successful franchise, with two of its sequels, released in 2006 and 2011, earning over $1 billion in worldwide box office gross.

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