The youngest of three brothers, Philip graduated from Abraham Lincoln High School in Council Bluffs, Iowa, where Herman was an owner of People's Department Store.

[1] In 1927, Philip Krasne graduated from the University of Michigan, which awarded him both its Chicago Alumni Medal and Paul Gray Testimonial for excellence in oratory.

In 1936, Krasne began his motion picture career as vice-president in charge of production at Grand National Films Inc.[3] In 1943 he teamed with James S. Burkett to produce features for Monogram Pictures: three with burlesque star Ann Corio, and three Charlie Chan mysteries.

Krasne retained the film rights to The Cisco Kid and produced another series of theatrical features for United Artists release, now starring Duncan Renaldo.

Gross to form Gross-Krasne, Inc, a pioneer American independent producer of television films.