Word: rko
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Dates: during 1980-1989
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...wily Welles may have anticipated future tampering with his work. His 1939 contract with RKO Pictures stipulated that he would retain full control over the film, specifically citing its black-and-white photography. Last week the Turner Entertainment Co. gave up a possible court fight and abandoned its colorization plan. For Welles, who died in 1985, it was a victory from the grave...
HOLLYWOOD: THE GOLDEN YEARS (Arts & Entertainment) RKO, the studio where King Kong, Fred Astaire and Orson Welles once roamed, was celebrated in six beautifully crafted, impressively researched episodes. Imported from the BBC, alas...
Among broadcasters, perhaps no other company has suffered so many assaults on its reputation as RKO General. Since the mid-1960s, rivals who have coveted RKO's broadcasting licenses have been accusing the chain of unethical conduct. That is a serious charge against any broadcaster, since the Federal Communications Commission can revoke the licenses of companies it considers to be of questionable character -- even if they are not convicted of violating the law. Last week the FCC may finally have pulled RKO's plug. Edward Kuhlmann, an FCC administrative law judge, denied RKO's application to renew its license...
...decision is a dramatic rebuke and potential financial disaster for RKO's parent company, Akron-based GenCorp (formerly General Tire and Rubber). Unless the ruling is overturned on appeal, the value of RKO assets -- now estimated to be worth $750 million or more -- could plummet by 90%. Reason: most of the value of a broadcasting station resides in its license. Nonetheless, GenCorp may be able to salvage some of its RKO investment. The company has agreed to sell its highly regarded KHJ-TV to the Walt Disney Co. for $217 million and three radio stations to other buyers...
Allegations of RKO improprieties arose in 1965, when investors challenged KHJ-TV's license, claiming that RKO was not broadcasting in the public interest. Later, detectives hired by rivals discovered that General Tire was maintaining slush funds for such uses as improper overseas payments and questionable campaign contributions. RKO lost its license for Boston TV station WNAC in 1980. Among the misdeeds cited by the FCC judge last week: the chain allegedly filed false and misleading financial statements between 1971 and 1975 and overcharged its advertisers on 55% of its ad invoices during a 17-month period...