The conversation and agreement as depicted in the film did take place. Richard Stolley of Life magazine has since spoken of it many times, and there is (or was, I’ve not looked lately) a clip floating around on youtube in which he describes it in some depth. Some years later, Life sold the rights to the film back to the Zapruder family for the sum of $1.00. Later still, the family sold the film and all rights pertaining thereto if I recall correctly to the United States government for right around $16,000,000.
Regarding the claim made in the film Parkland, to be honest that sounds a bit silly and here’s why: Prior to publication of any still frames, the only thing Life would need do is prepare (depending on their needs) two sets of contact sheets, one color, the other black and white, and make any prints from those. It’s pure idiocy (the agreement with Zapruder notwithstanding) to start literally chopping up the only copy of a film you’ve just paid $125,000-$150,000 for, right?
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