named after him. CNN In 1978, he contacted media executive Reese Schonfeld with his plans to found a 24-hour news channel (Schonfeld had previously approached Turner with the same proposition in 1977 but was rebuffed). Schonfeld responded that it could be done with a staff of 300 if they used an all electronic newsroom and satellites for all transmissions. It would require an initial investment of $15 million–$20 million and several million dollars per month to operate. In 1979, Turner sold his North Carolina station, WRET, to fund the transaction and established its headquarters in lower-cost, non-union Atlanta. Schonfeld was appointed first president and chief executive of the then-named Cable News Network (CNN). CNN hired Jim Kitchell, former general manager of news at NBC as vice president of production and operations; Sam Zelman as vice president of news and executive producer; Bill MacPhail as head of sports, Ted Kavanau as director of personnel, and Burt Reinhardt as vice president of the network. In 1982, Schonfeld was succeeded as CEO by Turner after a dispute over Schonfeld's firing of Sandi Freeman; and was succeeded as president by CNN's executive vice president, Burt Reinhardt. Turner Doomsday Video Turner famously stated before the network debuted: "We won't be signing off until the world ends. We'll be on, and we will cover the end of the world, live, and that will be our last event... we'll play the National Anthem only one time, on the 1st of June [the network's debut on June 1, 1980], and when the end of the world comes, we'll play 'Nearer, My God, to Thee' before we sign off." Reportedly, Turner plans to make good on that promise. He commissioned a video recording of a military marching band playing the hymn. Turner has sometimes played the tape for reporters, noting the reason he made it. In 2015, the video was found in CNN's database and leaked. The video was tagged in the database as "[Hold for release] till end of world confirmed". Other ventures In 1981, Turner Broadcasting System acquired Brut Productions from Faberge Inc. After a failed attempt to acquire CBS, Turner purchased the film studio MGM/UA Entertainment Co. from Kirk Kerkorian in 1986 for $1.5 billion. Following the acquisition, Turner had amassed enormous debt and sold parts of the acquisition; Kerkorian bought back MGM/UA Entertainment. The MGM/UA Studio lot in Culver City was sold to Lorimar/Telepictures. Turner