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Turner Entertainment Co.
Turner Entertainment Co. is an American multimedia company founded by Ted Turner on August 4, 1986. Purchased by Time Warner on October 10, 1996, as part of its acquisition of Turner Broadcasting System (TBS), the company was largely responsible for overseeing the TBS library for worldwide distribution. In recent years, this role has largely been limited to being the copyright holder, as it has become an in-name-only subsidiary of Warner Bros., which currently administers their library.
On March 25, 1986, Ted Turner and his Turner Broadcasting System purchased Metro-Goldwyn-Mayer (MGM) from Kirk Kerkorian for $1.5 billion, and renamed it MGM Entertainment Company, Inc. However, due to concerns in the financial community over the debt-load of his companies, on August 26, 1986, he was forced to sell the MGM name, all of United Artists (UA), and the MGM Culver City studio lot back to Kerkorian for approximately $300 million after months of ownership. But in order to still go about his plans to broadcast the MGM/UA assets as "originals" on his TBS and upcoming TNT channels, Turner struck a deal with Kerkorian; Turner kept the studio's film, television and cartoon library as well as a small portion of the UA library, forming Turner Entertainment Company during the exchange. The company was headed by Roger Mayer, who was a former executive of MGM, and formed a development division with the intention of making movies and television shows. The library also included most of the pre-1950 Warner Bros. library (including all color Looney Tunes and Merrie Melodies cartoons released before August 1948), the Fleischer Studios/Famous Studios Popeye cartoons originally released by Paramount Pictures, the US/Canadian/Latin American/Australian distribution rights to the RKO Radio Pictures library (not including any films produced by Walt Disney and Samuel Goldwyn), and most of the Gilligan's Island television franchise (not counting the television movie sequels owned by other companies), all of which were owned by UA.
In order to save funds, Turner instituted a policy that they would pass on making sequels to now-Turner-owned properties in favor of colorization of old black-and-white movies. On December 2, 1987, Turner Entertainment had entered into an agreement with American Film Technologies to computer-colorize three films from the MGM library that were originally in black-and-white: Boom Town, They Were Expendable and Catered Affair, and Turner would have the option to have AFT colorize additional 22 films and has a second option for another 24 films by 1992. On December 10, 1987, Turner acquired the worldwide licensing rights to 800 of RKO's films from its then-parent company Wesray Capital Corporation.
On October 3, 1988, Turner Broadcasting System launched the TNT network, and later Turner Classic Movies (TCM) in 1994 to use their former MGM/UA library. In doing so, Turner has played a major part in film preservation and restoration. By broadcasting such classic films as King Kong, The Wizard of Oz, Gone with the Wind, Citizen Kane, Casablanca, Meet Me in St. Louis, Singin' in the Rain and the original The Jazz Singer, on numerous Turner affiliated cable channels, as well as in showing them in revival movie houses and home video worldwide, Turner introduced a new generation to these films.
On November 29, 1989, Turner made another attempt to buy MGM/UA, but the deal failed, and they formed Turner Pictures and Turner Pictures Worldwide instead.
On October 29, 1991, Turner acquired Hanna-Barbera Productions and most of the pre-1991 Ruby-Spears Productions library from Great American Broadcasting for $320 million. Shortly after the acquisition, on October 1, 1992, Turner Broadcasting System launched Cartoon Network, and later Boomerang, to serve as the primary broadcaster of its vast animation library.
On August 17, 1993, Turner purchased Castle Rock Entertainment and New Line Cinema for over $650 million.
Turner Entertainment self-distributed much of its library for the first decade of its existence, but on October 10, 1996, Turner Broadcasting System merged with Time Warner, with the latter doing a large integration of its distribution functions into Warner Bros. As a result, Turner Entertainment is now an in-name-only subsidiary of Warner Bros., serving merely as a copyright holder for a portion of their library. Hanna-Barbera's current purpose as the in-name only unit of Warner Bros. Animation is to serve as the copyright holder for its creations such as The Flintstones, Scooby-Doo and Yogi Bear while Warner Bros. handles sales and merchandising.
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Turner Entertainment Co.
Turner Entertainment Co. is an American multimedia company founded by Ted Turner on August 4, 1986. Purchased by Time Warner on October 10, 1996, as part of its acquisition of Turner Broadcasting System (TBS), the company was largely responsible for overseeing the TBS library for worldwide distribution. In recent years, this role has largely been limited to being the copyright holder, as it has become an in-name-only subsidiary of Warner Bros., which currently administers their library.
On March 25, 1986, Ted Turner and his Turner Broadcasting System purchased Metro-Goldwyn-Mayer (MGM) from Kirk Kerkorian for $1.5 billion, and renamed it MGM Entertainment Company, Inc. However, due to concerns in the financial community over the debt-load of his companies, on August 26, 1986, he was forced to sell the MGM name, all of United Artists (UA), and the MGM Culver City studio lot back to Kerkorian for approximately $300 million after months of ownership. But in order to still go about his plans to broadcast the MGM/UA assets as "originals" on his TBS and upcoming TNT channels, Turner struck a deal with Kerkorian; Turner kept the studio's film, television and cartoon library as well as a small portion of the UA library, forming Turner Entertainment Company during the exchange. The company was headed by Roger Mayer, who was a former executive of MGM, and formed a development division with the intention of making movies and television shows. The library also included most of the pre-1950 Warner Bros. library (including all color Looney Tunes and Merrie Melodies cartoons released before August 1948), the Fleischer Studios/Famous Studios Popeye cartoons originally released by Paramount Pictures, the US/Canadian/Latin American/Australian distribution rights to the RKO Radio Pictures library (not including any films produced by Walt Disney and Samuel Goldwyn), and most of the Gilligan's Island television franchise (not counting the television movie sequels owned by other companies), all of which were owned by UA.
In order to save funds, Turner instituted a policy that they would pass on making sequels to now-Turner-owned properties in favor of colorization of old black-and-white movies. On December 2, 1987, Turner Entertainment had entered into an agreement with American Film Technologies to computer-colorize three films from the MGM library that were originally in black-and-white: Boom Town, They Were Expendable and Catered Affair, and Turner would have the option to have AFT colorize additional 22 films and has a second option for another 24 films by 1992. On December 10, 1987, Turner acquired the worldwide licensing rights to 800 of RKO's films from its then-parent company Wesray Capital Corporation.
On October 3, 1988, Turner Broadcasting System launched the TNT network, and later Turner Classic Movies (TCM) in 1994 to use their former MGM/UA library. In doing so, Turner has played a major part in film preservation and restoration. By broadcasting such classic films as King Kong, The Wizard of Oz, Gone with the Wind, Citizen Kane, Casablanca, Meet Me in St. Louis, Singin' in the Rain and the original The Jazz Singer, on numerous Turner affiliated cable channels, as well as in showing them in revival movie houses and home video worldwide, Turner introduced a new generation to these films.
On November 29, 1989, Turner made another attempt to buy MGM/UA, but the deal failed, and they formed Turner Pictures and Turner Pictures Worldwide instead.
On October 29, 1991, Turner acquired Hanna-Barbera Productions and most of the pre-1991 Ruby-Spears Productions library from Great American Broadcasting for $320 million. Shortly after the acquisition, on October 1, 1992, Turner Broadcasting System launched Cartoon Network, and later Boomerang, to serve as the primary broadcaster of its vast animation library.
On August 17, 1993, Turner purchased Castle Rock Entertainment and New Line Cinema for over $650 million.
Turner Entertainment self-distributed much of its library for the first decade of its existence, but on October 10, 1996, Turner Broadcasting System merged with Time Warner, with the latter doing a large integration of its distribution functions into Warner Bros. As a result, Turner Entertainment is now an in-name-only subsidiary of Warner Bros., serving merely as a copyright holder for a portion of their library. Hanna-Barbera's current purpose as the in-name only unit of Warner Bros. Animation is to serve as the copyright holder for its creations such as The Flintstones, Scooby-Doo and Yogi Bear while Warner Bros. handles sales and merchandising.