Want to get more from business movers?

Subscribe to Wondry Plus for early access to new episodes,

ad-free listening, and exclusive content you can't find anywhere else.

Join Wondery Plus in the Wondery app or on Apple Podcasts.

Wonderly.

The Wondry! It's late April, 1948 on a ranch and Indio, California.

56-year-old business tycoon Floyd Audlin floats in an inner tube, drifting slowly across his heated pool.

Floyd spends hours every day in the water, chasing relief from the chronic pain of rheumatoid arthritis.

But just because he's floating doesn't mean that he's idle.

Floyd made a fortune during the Great Depression, buying, selling, and breaking up companies,

and he doesn't like to waste a single minute of the working day.

A few years ago, he had a poolside phone installed, and now he often takes calls on the water.

He kicks off the wall and glides toward the phone.

Hello, Floyd Audlam.

Mr. Adlam, this is Howard Hughes.

Hello, Mr. Hughes. I assume you have a new offer for me.

For months, Howard Hughes has been circling Floyd for the chance to buy RKO Pictures, a major Hollywood film studio.

Floyd owns 24% of RKO's stock, making him the biggest shareholder, and Howard's heard that he's willing to sell. Cutting to the chase as usual, Mr. Adlam, I respect that. As it happens, I do have a new offer, and I hope it's one that'll please you. Well, we'll see, won't we? I'm willing to pay $9.50 a share. Floyd quickly runs the numbers in his head. Howard's offer is a dollar a share over the market price,

and adds up to more than $9 million,

well above valuation for his studio in slow decline.

It's a great offer, but Floyd narrows his eyes.

Either Howard knows something he doesn't,

...