CBS has owned the Columbia Record Company and its associated CBS Laboratories since 1939. In 1948, Columbia Records introduced the 33-1/3-rpm long-playing vinyl disc to successfully compete with RCA Victor's 45-rpm vinyl disc. Also, CBS Laboratories and Peter Goldmark developed a method for color television. After lobbying by RCA President David Sarnoff and Paley in Washington, D.C., the Federal Communications Commission (FCC) approved the CBS system, but later reversed the decision based on the CBS system's incompatibility with black and white receivers. The new, compatible RCA color system was selected as the standard, and CBS sold the patents to its system to foreign broadcasters as PAL SECAM. CBS broadcast few color programs during this period, reluctant to supplant RCA revenue. They did, however, buy and license some RCA equipment and technology, taking the RCA markings off of the equipment, and later relying exclusively on Philips-Norelco for color equipment beginning in 1964, when color television sets became widespread. PAL or Phase Alternating Line, an analogue TV-encoding system, is today a television-broadcasting standard used in large parts of the world.