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.
How much did Ted Turner pay for Metro-Goldwyn Mayer?
$1.5 billion