SHOW BUSINESS: RKO Approves a Deal

The board of directors of RKO met last week to take up the surprising offer of Multimillionaire Howard Hughes to buy out the corporation's stockholders. With Hughes and Noah Dietrich. No. 2 man in the Hughes empire, absent, the board voted to accept the offer, called a special meeting of stockholders to vote on the proposal March 18, about two weeks before the deadline set by Hughes.

There seemed little doubt that the stockholders would approve Hughes's offer to buy out the company's assets for $23,489,478, equal to $6 a share for stock that was selling at only 2⅞ when...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!