Turner Studios
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| Subsidiary | |
| Founded | August 4, 1986 |
| Founder | Ted Turner |
| Owner | Time Warner |
| Parent | Independent (1986-1996) Warner Bros. (1996-present) |
Turner Entertainment Company, Inc. (commonly known as Turner Entertainment Co.) is a media company founded by Ted Turner. Purchased by Time Warner, along with Turner Broadcasting System, the company was largely responsible for overseeing its library for worldwide distribution. In recent years, this role has largely been limited to being the copyright holder, as the library has since been incorporated into that of Turner Broadcasting's sibling company Warner Bros.
On March 25, 1986, Ted Turner and his Turner Broadcasting System purchased MGM from Kirk Kerkorian for $600 million, and renamed it MGM Entertainment Company, Inc. However, due to concerns in the financial community over the debt-load of his companies, on August 26, 1986, he was forced to sell MGM back to Kerkorian for approximately $300 million. However, Turner kept MGM's film, television and cartoon library as well as a small portion of the United Artists library, forming Turner Entertainment Company, Inc. The library also included the pre-1950 Warner Bros. titles, the Fleischer Studios/Famous Studios Popeye cartoons originally released by Paramount Pictures, the US/Canadian/Latin American/Australian distribution rights to the RKO Radio Pictures library, and Gilligan's Island and its animated spin-offs. In December 1987, Turner acquired the worldwide rights through license, to 800 RKO films from its then-parent company Wesray Capital Corporation.
On October 3, 1988, Turner Broadcasting launched the TNT network, and later Turner Classic Movies to use their former MGM/UA library. In doing so, Turner has played a major part in film preservation and restoration. By broadcasting such classic films as The Wizard of Oz, Casablanca, Singin' in the Rain, Gone with the Wind, Citizen Kane, King Kong, Easter Parade and the original The Jazz Singer, on numerous Turner affiliated cable channels, as well as in showing them in revival movie houses and home video around the world, Turner introduces a new generation to these films and makes sure these films are not forgotten.
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