Word: rko
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With a $23.5 million check, Multimillionaire Howard Hughes last week rid himself of a pack of vociferously unhappy stockholders, and, for all practical purposes, became the nation's only sole owner of a major motion-picture studio. The check to RKO Pictures Corp. concluded Hughes's deal to buy all RKO assets. Two obstacles to the purchase were cleared as courts in Wilmington, Del. and Las Vegas, Nev. dismissed stockholders' suits to prevent the sale on the ground that the price was too low and the company was mismanaged...
...months ago would have brought only $2.87½) is turn his certificates in to the Irving Trust in New York. (Although Hughes's check was for $23,489,478, his ultimate cash outlay will be only $15,916,758, since he already owns 1,262,120 of RKO's 3,914,913" outstanding shares...
What Howard Hughes would do with RKO, now that he no longer faces stockholder suits for heavy operating losses and fat contracts to idle actresses, was something only Hughes knew. As usual, he was not talking. But there was reason to believe he would do little, since Hughes, with stock control, has been running the studio in his own way anyhow...
...established star in the fold. It has one-picture-a-year agreements with such headliners as Gary Grant and John Wayne but has no big names actually on the payroll. (Jane Russell, now negotiating for her own picture-a-year deal, has been under contract to Hughes Productions, not RKO.) Even at that, RKO seemed a good buy. Among its assets...
...seven-picture production schedule, with RKO to handle the making of two films, and act as distributing agent for the other five, to be made by independent producers...