RKO Pictures’ Top Executives Buying Firm

Top management of historic RKO Pictures, which resumed its long dormant film-making operations in recent years, is buying the firm from its parent, Akron-based GenCorp Inc.

The GenCorp announcement Tuesday said that Alan J. Hirschfield, a former chief executive at two major Hollywood studios, Columbia Pictures and 20th Century Fox Film Corp., is an outside backer participating in the buying group. Robert Fell, a business consultant, also was reported as an outside investor.

Michael Seiler, president of New York-based RKO Pictures, who is part of the group, declined to disclose the sale terms, as did GenCorp. The deal is expected to be completed by mid-May.

GenCorp, which Monday announced that it would sell KHJ-TV Channel 9 in Los Angeles for $320 million, noted that RKO Pictures was a small part of GenCorp’s operations.

RKO Pictures accounted for less than 2% of GenCorp’s $130-million net profits in fiscal 1986. Recent releases, which were not commercial successes, were “Plenty” with Meryl Streep and Sir John Gielgud, and “Half Moon Street” with Sigourney Weaver and Michael Caine.

Seiler said other management people in the buyer group include Jerry Offsay, David Korda and Barbara Boyle. The buyers are acting as RKO Pictures Holding Co.