Word: rko
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Dates: during 1950-1959
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Many a Winchell tip is simply picked off the news wire, is "exclusive" only because no major Sunday afternoon papers are published in the U.S. Thus when Howard Hughes announced his offer to buy all RKO stock on a Saturday afternoon (TIME, Feb. 15), Winchell broadcast the news which dailies carried Monday morning. Next day the stock rose 2¾ points, thanks to Hughes's offer-not to Winchell's tip. Last week Winchell breathlessly peddled another hot market tip: "Another tremendous oil strike 60 miles south of Ely, Nevada." But the "news" had no effect...
...Hughes Aircraft (TIME, Oct. 5), announced that he intends to retire "as soon as I can clean up the necessary details," probably within the next six months. Explained Dietrich, who went to work for Hughes in 1924 as his personal assistant: "I'm tired. Between the troubles at RKO and Hughes Aircraft and the troubles in my own domestic life [he is seeking a divorce], I've had it. All I want to do is go out and hunt and fish...
...board of directors of RKO met last week to take up the surprising offer of Multimillionaire Howard Hughes to buy out the corporation's stockholders. With Hughes and Noah Dietrich. No. 2 man in the Hughes empire, absent, the board voted to accept the offer, called a special meeting of stockholders to vote on the proposal March 18, about two weeks before the deadline set by Hughes...
...stockholders of his RKO Pictures Corp., Croesus-rich Howard Hughes this week had a mouth-watering surprise. Hughes, who has been trying to sell out his interest, this time offered to buy all the company's assets for $23,489,478. The cash would be used to pay stockholders $6 a share for the stock, which closed last week at 2⅞. His conditions: directors must approve the offer by Feb. 15, and a majority of stockholders other than himself must approve by March 30. Explained he: "I have been sued by certain . . . stockholders and accused of responsibility...
...offer brought complete confusion into RKO trading on the New York Stock Exchange as the market opened this week. Some 15,000 buying orders, ranging from a few hundred to several thousand shares each, piled up before the opening, many of them "at the market." The first sale was held up for almost 2½ hours while orders were sorted out. Finally, a block of 200,000 shares was traded. The price...