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In 1972, after a long-running financial struggle, legal issues with the Grotrian-Steinweg brand, and a lack of business interest among some of the Steinway family members, the firm was sold to CBS. At that time CBS owned many enterprises in the entertainment industry, including guitar maker Fender, electro-mechanical piano maker Rhodes, and the baseball team New York Yankees. CBS had plans to form a musical conglomerate that made and sold music in all forms and through all outlets, including records, radio, television, and musical instruments. This new conglomerate was evidently not as successful as CBS had expected, and Steinway was sold in 1985, along with classical and church organ maker Rodgers and flute and piccolo maker Gemeinhardt, to a group of Boston-area investors.[1] These investors founded the musical conglomerate Steinway Musical Properties (later Steinway Musical Instruments, a publicly traded company (NYSE: LVB)), which is the parent company of Steinway.

Acquisitions

In 1972, after a long-running financial struggle, legal issues with the Grotrian-Steinweg brand, and a lack of business interest among some of the Steinway family members, the firm was sold to CBS. In 1985, CBS sold Steinway, along with Rodgers Instruments (classical organs) and Gemeinhardt (flutes and piccolos) to a group of investors: Steinway Musical Properties, Inc.[2]

In 1995, Steinway Musical Properties, parent company of Steinway, merged with the Selmer Company to form Steinway Musical Instruments, which acquired the flute manufacturer Emerson in 1997, then piano keyboard maker Kluge in 1998, and the Steinway Hall in 1999.[3] The conglomerate made more acquisitions in the following years. Since 1996, Steinway Musical Instruments has been traded at the New York Stock Exchange (NYSE) under the abbreviation LVB, for Ludwig van Beethoven. The Korean piano and guitar maker Samick Music Corporation is the largest shareholder, controlling 33% of Steinway stock;[4] Samick Chairman Jong Sup Kim has been a member of the Steinway board of directors since November 2009.[5]

Music

Steinway pianos have appeared in numerous records and concerts. A few examples are:

• 
  Ignacy Jan Paderewski performing on a Steinway grand piano waltz in C sharp minor, Op. 64, No. 2, composed by Frédéric Chopin. (Studio recording from 1917).
• 
  Sergei Rachmaninoff performing on a Steinway grand piano waltz in E flat major, Op. 18, composed by Frédéric Chopin. (Studio recording from 1921).
• 
  The White House's Steinway art case grand piano from 1938. Lin-Manuel Miranda (rapping) and Alex Lacamoire (piano) performing The Hamilton Mixtape, composed by Lin-Manuel Miranda, at the White House Evening of Poetry, Music and the Spoken Word. (Concert recording from 2009).
• 
  Harry Connick, Jr. and his band performing When the Saints Go Marching In. Harry Connick, Jr. plays on a Steinway grand piano. (Concert recording from 2010).

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