In 1986, eight years before the launch of Turner Classic Movies, Ted Turner acquired the Metro-Goldwyn-Mayer film studio for $1.5 billion. Concerns over Turner Entertainment's corporate debt load resulted in Turner selling the studio that October back to Kirk Kerkorian, from whom Turner had purchased the studio less than a year before. As part of the deal, Turner Entertainment retained ownership of MGM's library of films released up to May 9, 1986. Turner Broadcasting System was split into two companies; Turner Broadcasting System and Metro-Goldwyn-Mayer and reincorporated as MGM/UA Communications Co.
In 1986 , eight years before the launch of Turner Classic Movies , Ted Turner acquired the Metro - Goldwyn - Mayer film studio for $ 1.5 billion . Concerns over Turner Entertainment 's corporate debt load resulted in Turner selling the studio that October back to Kirk Kerkorian , from whom Turner had purchased the studio less than a year before . As part of the deal , Turner Entertainment retained ownership of MGM 's library of films released up to May 9 , 1986 . Turner Broadcasting System was split into two companies ; Turner Broadcasting System and Metro - Goldwyn - Mayer and reincorporated as MGM / UA Communications Co.
How much did Ted Turner pay for Metro-Goldwyn Mayer?
How much did Ted Turner pay for Metro - Goldwyn Mayer ?
$1.5 billion
$1.5 billion