Nicholas Schenck facts for kids
Quick facts for kids
Nicholas Schenck
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| Born | November 14, 1880 Rybinsk, Yaroslavl Governorate, Russian Empire
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| Died | March 4, 1969 (aged 88) Florida, U.S.
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| Nationality | Russian American |
| Occupation | Film studio executive |
| Relatives | Joseph M. Schenck (brother) |
Nicholas M. Schenck (born November 14, 1880, in Rybinsk, Russia – died March 4, 1969, in Florida) was a powerful Russian-American businessman. He became a top leader in the early film industry. Schenck helped build one of the biggest movie companies in the world, Loew's Inc., which owned Metro-Goldwyn-Mayer (MGM).
Contents
A Young Life in Business
Moving to America
Nicholas Schenck was born in Rybinsk, Russia, on November 14, 1880. He was one of seven children in a Jewish family. In 1892, when he was 12, Nicholas and his family moved to the United States. They settled in a busy neighborhood in New York City. Later, he moved to Harlem, which was home to many Jewish and Italian immigrants.
When they first arrived, Nicholas and his older brother, Joseph, worked hard. They ran errands and sold newspapers. At night, they studied at the New York College of Pharmacy.
First Businesses
The brothers soon started working in a drugstore. Within two years, they saved enough money to buy the store. They opened another drugstore and began looking for new business ideas.
One day, the Schenck brothers visited an amusement park. They saw many people waiting for trains. Nicholas and Joseph decided to rent a beer stand there. They also offered vaudeville shows, which were popular stage performances. This is where they met Marcus Loew, who owned theaters.
Loew convinced the brothers to buy two movie theaters. This was the start of their journey in the entertainment business. From about 1907 to 1919, they invested in more theaters. These included nickelodeons (early movie theaters) and places for vaudeville and movies.
Building a Movie Empire
Working with Marcus Loew
In 1910, the Schencks' theaters became part of Loew's Consolidated Enterprises. Marcus Loew saw how successful the brothers were. He gave them money to buy Palisades Amusement Park in New Jersey. They owned this park until 1934.
Nicholas Schenck became Marcus Loew's most trusted helper. He managed Loew's growing chain of theaters. By 1919, Schenck was named vice president and general manager of Loew's Inc..
His brother, Joseph, moved to Hollywood. Joseph later became president of United Artists. Nicholas stayed in New York to manage the theaters.
Creating MGM
To keep their theaters supplied with movies, Loew's bought film studios. They acquired Metro Pictures in 1920 and Goldwyn Pictures in 1924.
Marcus Loew needed someone in Hollywood to run the movie studios. He bought a studio run by Louis B. Mayer in 1924. Loew merged his Hollywood studios into Metro-Goldwyn-Mayer (MGM). Mayer became the head of the new studio. Nicholas Schenck and Louis B. Mayer did not get along well. Their difficult relationship lasted for nearly 40 years.
In 1927, Marcus Loew suddenly passed away. Nicholas Schenck took control of Loew's. In 1929, William Fox, who owned Fox Film Corporation, tried to buy Loew's from Schenck. Louis B. Mayer was very upset about this deal. He used his political connections to stop the sale. The government blocked the deal because of rules against monopolies.
Soon after, William Fox was in a serious car accident. By the time he recovered, the stock market crash had greatly reduced his wealth. The deal would have failed anyway because of the crash. Schenck blamed Mayer for costing him millions of dollars, which made their relationship even worse.
Leading Through Tough Times
By 1932, Schenck was in charge of a huge entertainment company. It included many successful theaters and the MGM movie studio. Schenck managed this large company from New York City. He kept a strict production schedule for movies. This sometimes caused tension with Louis B. Mayer and Irving Thalberg, who was the production chief until his death in 1936.
Despite these challenges, MGM was very successful under Schenck's leadership. It was the only film company that continued to pay dividends (money to shareholders) during the Great Depression.
MGM produced many popular films. The studio had many famous actors and actresses working for them. These included Lon Chaney, Joan Crawford, Greta Garbo, Jean Harlow, Wallace Beery, Clark Gable, Mickey Rooney, Spencer Tracy, Katharine Hepburn, Judy Garland, Robert Taylor, and the team of Jeanette MacDonald and Nelson Eddy.
Schenck's smart business decisions made him a very rich man. In 1927, he and his brother Joseph were worth about $20 million. This would be like $500 million or more today. Some people believe Nicholas Schenck was the eighth richest person in the United States during the 1930s.
Later Years and Retirement
Changes in the Industry
After World War II, Nicholas Schenck's power was at its highest. However, new changes were coming, especially with the rise of television. Like many in the movie business, Schenck did not want to get involved with this new technology.
In 1951, Louis B. Mayer had a disagreement with Schenck. Mayer was forced to leave MGM.
By the mid-1950s, MGM's stock prices were falling. Shareholders were becoming restless. On December 14, 1955, Arthur M. Loew, Marcus Loew's son, became the new president of the company. Nicholas Schenck remained chairman of the board. The next year, Arthur Loew resigned due to health reasons. Schenck helped find a new president, Joseph R. Vogel. Schenck was named honorary chairman but retired completely later that year.
Life After Work
Nicholas Schenck spent his final years at his homes. He had estates in Sands Point, Long Island, and Miami Beach. His Long Island property, bought in 1942, was huge. It had a 30-room main house, a private movie theater, and a long dock.
Personal Life
Nicholas Schenck's first marriage ended in divorce. In 1927, he married Pansy Wilcox (1898–1987). She was a socialite and used to be a vaudeville performer. Her brother was director Fred M. Wilcox.
Nicholas and Pansy had three daughters. Their daughter Marti became an actress. Joanne was born in 1932, and Nicola was born in 1933. Nicola also acted under the name Niki Dantine. She married actor Helmut Dantine and they had three children.
Schenck also owned and raced Thoroughbred horses. One of his horses, named Cobul, won a race in 1958.
Death
Nicholas Schenck passed away in Florida in 1969. He died after having a stroke.
Images for kids
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front row, left to right: Barney Balaban, Paramount; Harry Cohn, Columbia Pictures; Nicholas M. Schenck, Lowe's; Will H. Hays, and Leo Spitz, RKO. artists; Sidney Kent, 20th Century Fox; N.J. Blumberg, Universal; and Albert Warner, Warner Bros. in 1938
