Word: schencks
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Invited to Suite No. 31 in the tall tower of Manhattan's Hotel Sherry-Netherland one day last week were picked representatives of the U. S. and British Press. Their host was Joseph Michael Schenck, massive, imperturbable board chairman of Twentieth Century-Fox Film Corp. To each newshawk Mr. Schenck handed, not a highball in the Hollywood tradition, but a formal statement confirming the biggest cinema deal of the year. Then Mr. Schenck plunked himself down in the centre of a divan, flanked by the two other principals in the triple play: his younger brother and competitor, President Nicholas...
...Joseph Schenck's centre position on the divan was appropriate. When he took his Twentieth Century Pictures and his ace producer, Darryl Zanuck, to Fox Film last year, he found Fox in possession of 49% voting interest in a holding company which controlled Gaumont-British. With 450 theatres and the best production in the Empire, Gaumont is the biggest factor in British cinema. The Fox interest in Gaumont-British was picked up by William Fox in 1929 for about $20,000,000, a purchase which later played a large part in toppling the silvery Fox pyramid about Founder...
About a year ago dapper Brother Isidore decided that something should be done to lessen international cinema competition. When he mentioned this to Joe Schenck, that U. S. cineman agreed with him. And since plenty of cash might further the idea, they mentioned it to Nick Schenck, who not only runs the most consistently profitable U. S. cinema company, Loew's Inc., but also its prodigious production subsidiary, Metro-Goldwyn-Mayer. After much shuttling between London, Manhattan and Hollywood, Isidore Ostrer and Nick Schenck were able to sit down with Joe Schenck last week and face the Press united...
...Nick Schenck's M-G-M will buy from Joe Schenck's Fox one-half its Gaumont-British interest. Asked how much M-G-M would pay for this half interest, Joe Schenck dismissed the question as an "unimportant detail." After the Brothers Schenck settle that "detail" between themselves, the deal will proceed to a second phase, which involves selling Gaumont control to the British public, a detail which will presumably be arranged by the Brothers Ostrer. In the end, instead of Fox owning 49% of the controlling holding company, the Ostrers...
...reason for this involved series of transactions was to reassure anxious Britons that Gaumont would remain "definitely" British. Another, and probably more important reason, was that it will enable the Ostrers to sell out more than two-thirds of their Gaumont stock to the British public. Joe Schenck will also cash in to almost the same extent through the British public and his Brother Nick. Brother Nick will be the only one left with less cash than when he started...