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.
Up to what date of release did Turner retain ownership of the MGM film library?
Up to what date of release did Turner retain ownership of the MGM film library ?
May 9, 1986
May 9, 1986