SHOW BUSINESS: Last Reel

After 14 years of litigation, the justice department completed its antitrust fight against the Big Five moviemakers. In a consent decree, Loew's Inc., owner of Metro-Goldwyn-Mayer Studios, agreed to split into two separate units: one for production and distribution, the other for exhibition. The producing and distributing company will keep Loew's corporate name and MGM's label on its products. President Nicholas Schenck, who has bossed the company since 1927, will probably continue to run Loew's. The theater company, its name still to be picked, will have a completely separate management.

The...

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