About William S. Paley
William Samuel Paley was an American businessman, primarily involved in the media, and best known as the chief executive who built the Columbia Broadcasting System (CBS) from a small radio network into one of the foremost radio and television network operations in the United States. CBS has owned the Columbia Record Company and its associated CBS Laboratories since 1939. In June 1948, Columbia Records introduced the 33-1/3-rpm LP record, which could hold more than 20 minutes' worth of music on each side, and became a standard recording format through the 1970s. As the company became increasingly successful, Samuel Paley became a millionaire, and moved his family to Philadelphia in the early 1920s. The advertisers then became the network's primary clients and, because of the wider distribution brought by the growing network, Paley was able to charge more for the ad time.
Biography source: Wikipedia. The profile adds birthday-specific historical context from the Celebs Birthday Today editorial database.