Matsushita Says Goodbye To Yosemite
MCA's sale of its Yosemite National Park concession subsidiary heralds a major reform of commercial operations in the national park system. Newly acquired by Japan's Matsushita, MCA agreed on Jan. 8 to sell its Yosemite assets at a below-market price of $49.5 million to a foundation that will turn them over to the National Park Service.
For the first time, the government will be able to invite competitive bids for a new concessionaire when the current contract expires on Sept. 30, 1993. MCA now pays only 0.75% of its gross Yosemite receipts to the government and has preferential bidding rights. Environmentalists hailed the deal because more of Yosemite's profits may be plowed into the park.