the top and bottom of the hour. In 1984, Turner initiated Cable Music Channel, his competition for WASEC's MTV. The channel was short-lived, but helped influence the original format of VH1. In 1986, after a failed attempt to acquire CBS, Turner purchased the film studio MGM/UA Entertainment Co. from Kirk Kerkorian for $1.5 billion. Following the acquisition, Turner had an enormous debt and sold parts of the acquisition. MGM/UA Entertainment was sold back to Kirk Kerkorian. The MGM/UA Studio lot in Culver City was sold to Lorimar-Telepictures. Turner kept MGM's pre-May 1986 film and TV library as well as the Associated Artists Productions library (the pre-1950 Warner Bros. film library and the Fleischer Studios/Famous Studios Popeye cartoons originally released by Paramount Pictures), and the U.S./Canadian distribution rights to the RKO Pictures library. Turner Entertainment Co. was founded on August 4, 1986. Turner Program Services ("TPS"), a subsidiary under the Turner umbrella, began domestic syndication of all of the properties acquired under the final disposition of the MGM deal with Kerkorian. TPS inherited over 5,000 program orders (executed, letters of intent) to have domestic syndication agreements prepared and sent in order to "formally" contractually license films for airing on domestic, free-over-the-air television stations throughout the U.S. The contractual "back-log" was caught up by the end of 1989, while still administering to all of a domestic TV station's syndication needs. In 1987, top-rated television network NBC was considered bidding for a piece of the company in an effort to enter the cable business, but the deal was never materialized. In 1989, TBS Management Company, under the leadership of Charles Shultz (Ted's first company controller at the original, small TV station), advanced the focus on the two music performing rights subsidiaries: one with Broadcast Music, Inc ("BMI") and ASCAP. In the space of 1989 to 1994, Turner went from 2 subsidiary music publishing companies to no less than sixteen. On October 3, 1988, the company launched Turner Network Television (TNT). 1990s Turner expanded its presence in movie production and distribution, first with the 1991 purchase of the Hanna-Barbera animation studio during a competitive bid with MCA/Universal, Hallmark Cards, and several other corporations. On December 22, 1993, Turner acquired Castle Rock Entertainment. Turner purchased New Line Cinema a month later. Turner launched Cartoon Network on October 1, 1992, followed by Turner Classic Movies (TCM) on April 14, 1994. On October 10, 1996, Turner merged