with around 916,000 subscribers. In 1983, Walt's son-in-law Ron W. Miller, who had been president of the company since 1978, became its CEO, and Raymond Watson became chairman. Miller wanted the studio to produce more content for mature audiences, and as a result, Disney founded the film distribution label Touchstone Pictures to produce movies geared toward adults and teenagers in 1984. Splash (1984) was the first film released under the label, and was a much-needed success for the studio, grossing over $6.1 million in its first week of screening. Later, Disney's first R-rated film Down and Out in Beverly Hills (1986) was released and was another hit for the company, grossing $62 million. The following year, Disney's first PG-13 rated film Adventures in Babysitting was released. In 1984, Saul Steinberg attempted to buy out the company, holding 11.1% of the stocks. He offered to buy 49% of the company for $1.3 billion or the entire company for $2.75 billion. Disney, which had less than $10 million, rejected Steinberg's offer and offered to buy all of his stock for $325.5 million. Steinberg agreed, and Disney paid it all with part of a $1.3 billion bank loan, putting the company $866 million in debt. 1984–2005: Michael Eisner's leadership, the Disney Renaissance, merger, and acquisitions In 1984, the company's shareholders Roy E. Disney, Sid Bass, Lillian and Diane Disney, and Irwin L. Jacobs—who together owned about 35.5% of the shares of the company, forced out CEO Miller and replaced him with Michael Eisner, a former president of Paramount Pictures, and also appointed Frank Wells as president. Eisner's first act at Disney was to make it a major film studio, which at the time it was not considered. Eisner appointed Jeffrey Katzenberg as chairman and Roy E. Disney as head of the animation division. Eisner wanted the company to produce an animated film every 18 months rather than every four years, as the company had been doing. To help with the film division, the company started making Saturday-morning cartoons to create new Disney characters for merchandising, and produced several films through Touchstone. Under Eisner, Disney became more involved with television, creating Touchstone Television and producing the television situation comedy The Golden Girls, which was a hit. The company also spent $15 million promoting its theme parks, raising visitor numbers by 10%. In 1984, Disney produced The Black Cauldron, then the most-expensive animated movie at