Carnival Cruise Line & PLCCarnival Corporation & PLC began as Carnival Cruise Lines in 1972 and founded by Ted Arison. By 1987, Carnival had become “The World’s Most Popular Cruise Line,” andmade its first public stock offering of 20 percent of its common stock. The capital raised by the offering allowed Carnival to begin its expansion by acquisition. Today they are comprised of eleven individual cruise line brands with over 100 ships. Their stock tradeson both the New York Stock Exchange and the London Stock Exchange. Also Carnival is included in both the S&P 500 index in the US and the FTSE 100 index in the UK.In 1974, Ted Arison, revolutionized the cruise industry while looking for ways to save on fuel costs. He found that reducing ship speed and the number of stops was the key. However, he found that with more time spent at sea, onboard entertainment for the passengers became a necessity. Carnival expanded its entertainment features by adding a disco, casino, movie theater, and nightclubs. Unfortunately, this also led to them being classified as the “cruise industry’s version of a floating fraternity party” (Cruise Survey, 2013) for a long time. But that was yesterday, and while Carnival still has a reputation for a flashy, neon atmosphere – and still has extravagant lounges and discos – its ships continue to evolve. Since 2007, Carnival has been investing heavily into fleet upgrades, and “refurbish not new-build” appears to be the mantra moving forward.Over the past few years, Carnival has committed $350 million to upgrade its eight Fantasy-class vessels. “Fun Ship 2.0,” a $500 million program launched in 2011, covered much of the rest of the fleet. Numerous ships gained new themed bars, dining venues and comedy clubs, among other additions (Cruise Critic, 2013).Growth History1970’s to 80’s*In the 1970s the hit television series, The Love Boat, helped revitalize the cruise industry by bringing people on board ships in larger numbers than ever before. *Between 1970 and 1986 the number of people taking cruises soared from 500,000 to 2.1 million.1972: Ted Arison and Meshulam Riklis establish Carnival as a subsidiary of American International Travel Service (AITS).1974: Arison buys Riklis's stake in Carnival.