A study examined the reactions of organizational members to ownership change. Participant observation during a 2-week stay in each of two national corporations, American Broadcasting Company (ABC) and Union Underwear, provided data in the study. Results showed different reactions to change illustrated through corporate differences in structure, human relations, the political arena, and corporate symbols. Results indicated that in the first organization (ABC), the stability of the structure created a minimum of chaos, while in the second organization, a complete restructuring of the corporation created paranoia, unpredictability and product changes. Since completion of this research, both organizations have maintained profitability. (Author/PRA)