Cinema: Big Deal

Ever since RKO laid down $150,000 for Producer Jerry (Johnny Belinda) Wald's Warner Bros, contract last June, Hollywood had been expecting something supercolossal out of the deal. Stretched out over two months, the negotiations between RKO's Howard Hughes and the producing team of Wald and Norman (The Big Hangover) Krasna kept Hollywood gossips atwitter with speculation. Last week, when RKO finally announced its big deal, the effect was almost as shattering as advertised.

At a massive press conference in RKO's chart-lined budget room, Wald and Krasna beamed over the details of the juiciest independent production deal in movie history. In five years,...

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