RKO is often viewed as the forgotten child of Hollywood, despite being the studio behind some of the industry’s most iconic films such as “Citizen Kane,” “King Kong” and “The Hunchback of Notre Dame,” while employing Golden Age stars Cary Grant, Katharine Hepburn, Fred Astaire and Ginger Rogers.
Its place in the dustbin of Hollywood history is due largely to the fact that it has not been a functioning studio—except for a few, mostly unsuccessful, attempts to revive it—since Howard Hughes sold it to General Tire and Rubber in 1955. (Ask anyone old enough to remember Hughes’ ownership of RKO and you’re likely to get more than a few four-letter words.)
So, it seems a bit sad that, amid yesterday’s big music merger between BMG and Concord, the studio’s involvement in the deal didn’t get a mere footnote. In fact, Page Six Hollywood had to reach out to a BMG spokesperson to confirm that RKO was included in the deal.
If you remember, Concord surprisingly purchased RKO last summer from Ted Hartleywho had owned the studio since 1991 with his wife, actress and cereal post heiress Dina Merrill (died 2017). During Hartley’s 34-year ownership, RKO was best known for producing the 1998 remake of “Mighty Joe Young” starring Charlize Theron. Her last film was the 2015 direct-to-video comedy “Barely Lethal.” Hailee Steinfeld, Sophie Turner and Jessica Alba.
With BMG’s acquisition of Concord, it means that RKO has a new owner for the company again. (Besides Hughes and General Tire, RKO’s previous ownership groups included Six Flags, financier Floyd Odlum’s Atlas Corporation, RCA and Kennedy family patriarch Joseph Kennedy.) When the deal closes in the second half of this year, the combined company will be owned about 67% by Bertelsmann and about 33% by affiliates of Great Mountain Partners.
Under Concord, known mostly for its extensive music catalog, RKO was housed within the company’s originals division, and led by co-presidents Sophia Daily and Mary Beth O’Connor. One source says RKO’s plan under BMG remains the same, with seven different projects in active development, the first being a remake of the RKO musical “Top Hat.”
Other RKO classics include “Notorious,” “Bringing Up Baby” and “It’s a Wonderful Life.” Robert Mitchum once said of being under contract to the studio: “RKO made the same movie with me for ten years. They were so similar that I wore the same suit in six of them and the same Burberry coat.”