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Howard Hughes: Companies
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Having been burned in his latest independent venture, Howard Hughes decided to broaden his film interests by taking over a major Hollywood studio. In early 1948 the trade papers reported that Hughes was in discussions with Floyd Odlum's Atlas Corporation, the holding company in charge of RKO. Back in the Depression, Odlum had helped reorganize Paramount, and purchased Paramount debentures at their basement price in 1933. He sold his Paramount holdings at a profit, and used the proceeds to acquire the troubled RKO studio from David Sarnoff and RCA. RKO emerged from receivership in January 1940, in part by maintaining profitable and prestigious relations with independent producers like Disney and Goldwyn. But following the film recession of the late 1940s, Odlum was apprehensive about divorcement and the looming television threat.
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Howard Hughes was born in Texas. Various sources cite both Humble and Houston as his birthplace. His parents were Alene (Gano) Hughes and Howard R. Hughes, Sr., who invented the dual cone roller bit for the rotary drilling of oil wells in previously inaccessible oil formations. His father founded Hughes Tool Company to commercialize this invention.
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Howard Hughes has never been given the credit for making any of this happen. Why not? It was simply a matter of politics. Air Force generals, snubbed once too many times by a Hughes who was often distracted by other things (sometimes work, and sometimes play), had issued a ukase to the financial officers at Hughes: "If you want our business, keep Hughes's name out of it." Common sense (and Hughes's own laughter over this pompous decree) dictated official company policy from then on: no one could hope to be a player in the aerospace business unless they could do business with the Pentagon. They kept Hughes's name out of it.
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Approximately three weeks after Hughes' death, a holographic, or handwritten, will was found on the desk of an official of The Church of Jesus Christ of Latter-day Saints in Salt Lake City, Utah. The so-called "Mormon Will" gave $1.56 billion to various charities (including $625 million to the Howard Hughes Medical Institute); nearly $470 million to the upper-management in Hughes' companies and to his aides; $156 million to first cousin William Lummis; $156 million split equally between his two ex-wives Ella Rice and Jean Peters; and $156 million to a gas-station owner named Melvin Dummar. Dummar initially denied any knowledge about the will but changed his story when his fingerprints were found on the envelope containing the will.
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Hughes' wealth and power caught the attention of TWA president Jack Frye, who had been struggling to acquire new planes to stay competitive. Frye's influence led Hughes to purchase majority ownership, triggering a major turnaround for the company. Hughes himself directed ventures with Lockheed, including one of the most revolutionary planes, the Constellation (aka "Connie") for TWA. The plane was well liked for its attractive appearance and record speeds and helped TWA become competitive again.
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In July 1955, Hughes sold his RKO holdings to the General Tire and Rubber Company, bringing to a close his sporadic but memorable run as recalcitrant independent producer and eccentric studio tycoon. General Tire, interested primarily in the RKO film library, decided to sell the studio lot in November 1957 to Desilu Productions. The sale reverberated throughout the industry as a symbol of the changing complexion of Hollywood brought by the independent filmmakers of the new television age.
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