Jonathan Rinehart, former journalist for Time and Newsweek who carved out a career in investor relations and corporate takeover strategy, died in New York Aug. 30 at age 86.

A graduate of Yale University, Rinehart joined Eastern Airlines in the early 1950s where he became senior VP-PR. He started his own firm in 1974 and merged it with Mel Adams & Assocs. to form Adams & Rinehart. Ogilvy & Mather Worldwide acquired it in 1986 and renamed it Ogilvy Adams & Rinehart.

After serving as chairman until 1994, Rinehart headed the New York office of Powell Tate, Washington, D.C., firm. In 1998 he joined Abernathy MacGregor in a consulting role.

The firm advised clients such as Seagram, AT&T, Chevron, American Brands, Gillette, BP and Salomon Brothers, investment firm that became part of Citigroup. Two prominent financial communications firms, Sard Verbinnen and Joele Frank, Wilkinson Brimmer Katcher were founded by former employees of the Rinehart firm.

He gave PR a voice in dealings that were often left to lawyers, said an obit in the Sept. 9 New York Times by Leslie Picker. “Rinehart carved out a lucrative niche, advising companies how to communicate with shareholders and the news media during takeovers.”

Sard Verbinnen CEO George Sard told NYT that Rinehart’s firm “was a great school and I learned the business” from him. Joele Frank, managing partner of the firm bearing her name, said “I’ve built my firm in a lot of his image.”

Survivors include his daughter Annebelle Rinehart, and a son, Clem Rinehart.