Carnival Corporation & plc does not have a long history like Deere & Company or Ford Motor Company Rather the world's largest cruise line was formed in 1972 as Carnival Cruise Lines by entrepreneur Ted Arison as part of a subsidiary of Boston-based American International Travel Service (AITS).
The company's start was hardly smooth sailing. Carnival's first cruise ship, the TSS Mardi Gras. run aground on a sandbar during its inaugural voyage. Here is an illustration lining up the first ship the TSS Marti Gras against the 100th Carnival ship the Carnival Magic.
Credit: Carnival Corporation Investor Relations Site In 1974 Arison purchases Carnival for $1 and the assumption of AITS’ $5 million in debt. The Arison family still maintains effective control with nearly have the outstanding stock.
In 1987 Carnival completed an initial public offering of 20 percent of its common stock, generating approximately $400 million which it used for a series of acquisitions.
The biggest acquisition occurred when the P&O Line's cruise operations were merged with Carnival in 2003. P&O is considered the oldest cruise company in the world with a history stretching back to the days of ocean liners, long before airplanes became the preferred way to cross the ocean.