Historically, the channel's programming consisted mainly of featured classic theatrically released feature films from the Turner Entertainment film library – which comprises films from Warner Bros. Pictures (covering films released before 1950) and Metro-Goldwyn-Mayer (covering films released before May 1986). However, TCM now has licensing deals with other Hollywood film studios as well as its Time Warner sister company, Warner Bros. (which now controls the Turner Entertainment library and its own later films), and occasionally shows more recent films. Turner Classic Movies is a dedicated film channel and is available in United States, United Kingdom, France (TCM Cinéma), Spain (TCM España), Nordic countries, Middle East and Africa. 

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.
What caused another sale?
Concerns over Turner Entertainment's corporate debt load