Ted Turner was leveraged out the hilt when he bought MGM Studios, ultimately being forced to sell the film studio in order to keep the production library. It was that debt that forced him to give up majority control of his company, led to the Time Warner merger and ultimately the AOL debacle that resulted in his being booted from the company as well as losing 75% of his fortune. Was it all a mistake?FuskieWho notes the MGM library was used to launch Turner Network Television (TNT), which rose to #1 entertainment channel on basic cable and spawned a second popular channel, Turner Classic Movies (TCM), which shows classic MGM content 24hrs a day, 7 days a week commercial free...
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