Howard Hughes: The Aviator
Hughes gained control of RKO
Hollywood, Los Angeles, U.S.
In 1948, Hughes gained control of RKO, a struggling major Hollywood studio, by acquiring the 929,000 shares owned by Floyd Odlum's Atlas Corporation, for $8,825,000. Within weeks of acquiring the studio, Hughes dismissed 700 employees. Production dwindled to 9 pictures that the first year Hughes was in control, while before, RKO averaged 30 per year.