Fox Broadcasting Company, founded on 9 October 1986, which later had great success with programs including The Simpsons and The X-Files. In 1986 Murdoch bought Misty Mountain, a Wallace Neff designed house on Angelo Drive in Beverly Hills. The house was the former residence of Jules C. Stein. Murdoch sold the house to his son James in 2018. In Australia, during 1987, he bought The Herald and Weekly Times Ltd., the company that his father had once managed. Rupert Murdoch's 20th Century Fox bought out the remaining assets of Four Star Television from Ronald Perelman's Compact Video in 1996. Most of Four Star Television's library of programs are controlled by 20th Century Fox Television today. After Murdoch's numerous buyouts during the buyout era of the eighties, News Corporation had built up financial debts of $7 billion (much from Sky TV in the UK), despite the many assets that were held by NewsCorp. The high levels of debt caused Murdoch to sell many of the American magazine interests he had acquired in the mid-1980s. In 1993, Murdoch's Fox Network took exclusive coverage of the National Football Conference (NFC) of the National Football League (NFL) from CBS and increased programming to seven days a week. In 1995, Fox became the object of scrutiny from the Federal Communications Commission (FCC), when it was alleged that News Ltd.'s Australian base made Murdoch's ownership of Fox illegal. However, the FCC ruled in Murdoch's favour, stating that his ownership of Fox was in the best interests of the public. That same year, Murdoch announced a deal with MCI Communications to develop a major news website and magazine, The Weekly Standard. Also that year, News Corporation launched the Foxtel pay television network in Australia in partnership with Telstra. In 1996, Murdoch decided to enter the cable news market with the Fox News Channel, a 24-hour cable news station. Ratings studies released in 2009 showed that the network was responsible for nine of the top ten programs in the "Cable News" category at that time. Rupert Murdoch and Ted Turner (founder and former owner of CNN) are long-standing rivals. In late 2003, Murdoch acquired a 34% stake in Hughes Electronics, the operator of the largest American satellite TV system, DirecTV, from General Motors for $6 billion (USD). His Fox movie studio had global hits with Titanic and Avatar. In 2004, Murdoch announced that he was moving News Corporation