8, 1989, Sony completed the acquisition by a "short-form" merger of its wholly owned subsidiary Sony Columbia Acquisition Corporation into CPE under the Delaware General Corporation Law. Sony also completed a tender offer for shares of common stock of the Guber-Peters Entertainment Company on November 6, 1989, and acquired the company 3 days later. The acquisition cost Sony $4.9 billion ($3.55 billion for shares and $1.4 billion of long-term debt) and was backed (financed) by five major Japanese banks Mitsui, Tokyo, Fuji, Mitsubishi and Industrial Bank of Japan. The company was renamed as Sony Pictures Entertainment on August 7, 1991. Also that year, Jon Peters left Columbia to start Peters Entertainment with a three-year exclusive production agreement at the studio at first, before transitioning to a non-exclusive deal at the studio. Longtime CPE employee Laurie MacDonald also left to start Aerial Pictures at the studio, first for a two-year deal, before going to 20th Century Fox in 1993, and being swallowed up by Amblin Entertainment later that year, eventually setting up DreamWorks. Sony has since created numerous other film production and distribution units, such as creating Sony Pictures Classics for art-house fare, by forming Columbia TriStar Pictures (also known as the Columbia TriStar Motion Picture Group) by merging Columbia Pictures and TriStar Pictures in 1998, revitalizing Columbia's former television division Screen Gems. It expanded its operations on April 8, 2005, when a Sony-led consortium acquired the legendary Hollywood studio Metro-Goldwyn-Mayer (MGM), in a US$4.8 billion leveraged buyout, through the holding company MGM Holdings Inc. This in effect re-united the MGM studio name, with the MGM main studio lot, although somewhat confusingly, the bulk of the pre-May 1986 original MGM library ended up at Time Warner via the Ted Turner-Kirk Kerkorian "Turner Entertainment Co." transactions. The post-April 1986 MGM library consists of acquisitions of various third-party libraries, such as the Orion Pictures catalogue, leading to MGM's 2014 remake of RoboCop. In July 2000, a marketing executive working for Sony Corporation created a fictitious film critic, David Manning, who gave consistently good reviews for releases from Sony subsidiary Columbia Pictures that generally received poor reviews amongst real critics. Sony later pulled the ads, suspended Manning's creator and his supervisor and paid fines to the state of Connecticut and to fans who saw the reviewed films in the US. On June 4, 2008, SPE's wholly owned group 2JS Productions B.V. acquired Dutch production