Word: rko
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...young Tom O'Neil had put together a $35 million chain of five wholly owned TV stations, and a 569-radio-station network, stretching from New England to the West Coast. Now, for $25 million more, borrowed from the Chase Manhattan Bank, he bought Howard Hughes's RKO Radio Pictures Inc.,* its moviemaking facilities, distribution system, and a library of some 700 films, including such popular favorites as Gunga Din, Citizen Kane, Stage Door, Little Women, Lost Patrol, The Informer. In addition, RKO has two new films not yet released: Jet Pilot and The Conqueror, both starring...
...what was once one of Hollywood's busiest studios and is now one of its sickest. Millionaire Hughes had chopped the studio's 2,000-man payroll to 300, lost his distribution contracts for Walt Disney and Sam Goldwyn films, made fewer pictures (not a foot of RKO film has been shot this year). He haggled steadily for six days and nights with O'Neil over the sale...
...Makes Money." But the profit to Hughes may be small compared to what O'Neil hopes to make on the deal. On past performance, he may be just what RKO needs. A burly (6 ft. 4½ in., 215 Ibs.) ex-Holy Cross ('37) football end, O'Neil first learned his way around his father's tire company after college, did a four-year stint in the Navy, part of it skippering an LST in the Pacific. When he got back in 1945, he went to work for General Tire in earnest. Three years before...
...sell time on local rates, did not have to split fees with the networks. So far, General Teleradio's 30 rental films have grossed $2,100,000 for Mutual, more than $600,000 profit on the overall deal. O'Neil thinks this is just a beginning. With RKO's fully equipped studio he can make still more films, both for TV and movie theaters, can either produce and distribute the pictures himself or hook up with independent producers who need space and outlets for their films -a three-way payoff...
...dissolution and reorganization of Radio-Keith-Orpheum, Hughes relinquished all interest in RKO theaters, kept control of the newly formed RKO Pictures Corp. and its subsidiaries, RKO Radio Pictures and RKO-Pathe. Though O'Neil gains RKO Radio Pictures, Hughes (with 1,262,000 shares) and Floyd Odium (with 1,250,000) still control the former parent company...