its launch as a regional service, HBO purchased broadcast rights to theatrical movies on a per-title basis. The network pioneered the pay television industry practice, known as a "pre-buy," of buying the pay-cable rights to a movie from its releasing studio before it started filming, in exchange for agreeing to pay a specified share of a film's production costs; this allowed HBO to maintain exclusivity over film output arrangements and to save money allocated for film acquisitions. In June 1976, it signed a four-year exclusive deal with Columbia Pictures for a package of 20 films released between January 1977 and January 1981, in exchange for then-parent company Time, Inc. committing a $5-million production financing investment with Columbia over a period of between 12 and 18 months. Although HBO executives were reluctant at first to strike such arrangements, by the mid-1980s, the channel had transitioned to exclusive film output deals (now the standard among North American premium channels), in which a film studio licenses all or a proportion of their upcoming productions to a partner service over a multi-year contract. In 1983, HBO entered into three exclusive licensing agreements tied to production financing arrangements involving Tri-Star Pictures (formed as a co-production venture between Time, Inc./HBO, Columbia and CBS Inc.), Columbia Pictures (an exclusivity-based contract extension initially covering 50% of the studio's pre-June 1986 releases with a non-compete option to purchase additional Columbia titles) and Orion Pictures (encompassing a package of 30 films, in return for financial participation and a $10-million securities investment; the deal was indirectly associated with Orion's buyout of Filmways the year prior, in which HBO bought pay television rights to the studio's films). All three deals were approved under a U.S. Department of Justice review greenlighting the Tri-Star venture in June of that year. (The Tri-Star deal became non-exclusive in January 1988, although Showtime elected not to acquire titles from HBO's film rights lessees.) After the exclusive contract transferred to Showtime in January 1994, in July 1995, HBO preemptively signed a five-year deal with the studio that took effect in January 2000, in conjunction with a five-year extension of its existing deal with Columbia Pictures. (Columbia and TriStar's respective output deals with HBO ended on December 31, 2004, when Sony Pictures transferred exclusive pay-cable rights for their films to Starz—which , holds rights to televise all recent releases from either studio through December 2021, after which in January