Concord Originals, the film and TV division of music rights company Concord, has acquired RKO, the legendary movie studio behind such classics as Citizen Kane, It’s A Wonderful Life, and the original 1933 King Kong.
Concord acquired the studio from Ted Hartley, an actor and investment banker who served as RKO’s Chairman and CEO since he and actress Dina Merrill bought the studio in 1989.
The acquisition comes with the derivative rights to more than 5,000 titles, including remake, sequel, story, stage rights and copyrights from RKO’s film library, including never-produced screenplays.
RKO will now operate as an imprint under Concord Originals, with Concord EVP Sophia Dilley and current RKO President Mary Beth O’Connor named Co-Presidents at the new RKO. Dilley will continue in her position heading up Concord Originals.
“RKO is a treasure trove of filmed storytelling that has had a permanent and profound impact on global popular culture,” Concord CEO Bob Valentine said.
“As we continue to expand our catalog and content capabilities, RKO makes sense as a strategic step in widening Concord’s foothold in film, television, and theatrical rights, providing our Originals and Theatricals divisions with an extraordinarily deep collection of titles to develop and reimagine.”
“RKO is a treasure trove of filmed storytelling that has had a permanent and profound impact on global popular culture.”
Bob Valentine, Concord
Mary Beth O’Connor added: “Concord has embraced RKO and its proud legacy as a symbol of bold, imaginative storytelling. We are thrilled to be launching anew with Concord’s powerful platform and deep creative vision, anchored by the heart and spirit of our shared goals for RKO’s next chapter.”
Hartley, who turned 100 years old last year, will remain as lead producer and Chief Storyteller on a slate of active RKO projects, and will hold the title of Chairman Emeritus.
“Concord’s commitment to championing legacy is unmatched,” he said.
“We are confident that RKO has found its next big step into its future at Concord. They have committed to continuing and enhancing the rich history of the iconic studio. I am proud to build this with them and look forward to what this power team will bring to our industry.”
RKO currently has seven projects in active development, including the Olivier Award-winning stage musical Top Hat, based on RKO’s 1935 classic film starring Fred Astaire and Ginger Rogers and featuring music by Irving Berlin.
Fred Astaire/Ginger Rogers movies were a mainstay of RKO during its heyday, including movies such as Flying Down to Rio, The Gay Divorcee, and Swing Time.
The studio is credited with giving classic movie stars like Katherine Hepburn and Robert Mitchum their first big hits, and Cary Grant was a regular for years in the studio’s movies.
Formed in 1928 through a merger guided by Radio Corporation of America (RCA), RKO’s heyday ran through to the 1940s. But, after a series of ownership changes – which included a period in which it was owned by eccentric billionaire Howard Hughes – the company exited film production in the 1950s.
It saw a revival under new ownership in the 1980s, producing or co-producing such notable films as Cat People, The Best Little Whorehouse in Texas, and Hamburger Hill.
“It’s a rare opportunity to honor the past while shaping the future.”
Sophia Dilley, Concord, RKO
Following its acquisition by Hartley and Merrill in 1989, the studio produced a number of remakes of films from its heyday. Its most notable film from this era may be Mighty Joe Young, a remake of a 1949 RKO movie that was itself inspired by King Kong.
Concord’s acquisition of RKO “marks a thrilling new chapter for both companies,” Sophia Dilley said.
“The combined catalogs offer an extraordinary foundation for reimagining beloved classics and launching entirely new franchises across film, TV and theater. It’s a rare opportunity to honor the past while shaping the future.”Music Business Worldwide
