In 1968, ABC took advantage of new FCC ownership regulations that allowed broadcasting companies to own a maximum of seven radio stations nationwide in order to purchase Houston radio stations KXYZ and KXYZ-FM for $1 million in shares and $1.5 million in bonds. That year, Roone Arledge was named president of ABC Sports; the company also founded ABC Pictures, a film production company which released its first picture that year, the Ralph Nelson-directed Charly. It was renamed ABC Motion Pictures in 1979; the unit was dissolved in 1985. The studio also operated two subsidiaries, Palomar Pictures International and Selmur Pictures. In July 1968, ABC continued its acquisitions in the amusement parks sector with the opening of ABC Marine World in Redwood City, California; that park was sold in 1972 and demolished in 1986, with the land that occupied the park later becoming home to the headquarters of Oracle Corporation.