In 1965, Leo Fender sold his hugely successful company to the Columbia Broadcasting System – better known as CBS – for a staggering $13 million! That was $2 million more than CBS had paid for the New York Yankees baseball team! CBS owned Fender for a total of 19 years, leading to the unofficial designation of Fender guitars built during that time as “CBS-era” instruments. Guitarists and collectors have long debated the merits of the instruments built during this era. In January 1985, Fender was purchased by an investor group led by William Schultz, president of Fender Musical Instruments.