SHOW BUSINESS: The Brother Act Retires

The deal rocked Hollywood to its plaster-of-Paris foundations. Harry Warner, speaking for himself and his brothers, Al and Jack, announced that they were arranging to sell their control of Warner Bros. Pictures to a syndicate headed by San Francisco's millionaire Real Estate Operator Louis R. Lurie.* The syndicate agreed to pay the brothers about $25 million for the Warner family's 24% controlling stock interest in the $161 million film and theatrical empire—once the biggest film company in the U.S.

Hollywood was stunned, less by the size of the deal, than by the fact...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

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