Ted Turner
b. Nov. 19, 1938, Cincinnati, Ohio, U.S
Byname of ROBERT EDWARD TURNER III, broadcasting
entrepreneur and sportsman
who became a major figure in American business in the late 20th century.
Turner was the son of the owner of a billboard-advertising
company based in Atlanta,
Ga. After incomplete schooling at Brown University (Providence,
R.I.) and stints as an
account executive in his father's firm, he became general manager
of one of the
latter's branch offices in 1960. After business troubles drove
his father to commit
suicide in 1963, Turner took over the ailing family business
and restored it to
profitability.
In 1970 Turner purchased a financially troubled
UHF television station, Channel 17, in
Atlanta, and within three years he had made it one of the few
truly profitable
independent stations in the United States. In 1975 Turner's company
was one of the
first to use a new communications satellite to broadcast Channel
17 (later renamed
WTBS, or TBS, the Turner Broadcasting System) to a nationwide
cable television
audience, thereby greatly increasing his station's revenues.
Besides TBS, Turner went
on to create two other highly successful and innovative cable
television networks: CNN
(Cable News Network; 1980) and TNT
(Turner Network Television; 1988). He also
purchased the Atlanta Braves professional baseball team in 1976
and the Atlanta
Hawks basketball team in 1977. In 1986 he purchased the MGM/UA
Entertainment
Company, which included the former Metro-Goldwyn-Mayer motion-picture
studio and
its library of more than 4,000 old films. Many of the black-and-white
films he proceeded
to have "colorized," setting off a storm of protest from the
film community and film
critics.
The large debt burden sustained from his MGM
and other purchases compelled Turner
to subsequently sell off not only MGM/UA but also a sizable share
of his own company,
Turner Broadcasting System, Inc., though he retained control
of it. He also retained
ownership of the MGM film library, which contained many Hollywood
classics among its
holdings. Turner resumed the expansion of his media empire in
the 1990s with the
creation of the Cartoon Network (1992) and the purchase (1993)
of two motion
picture-production companies, New Line Cinema and Castle Rock
Entertainment.
In 1996 the media giant Time Warner Inc. acquired
the Turner Broadcasting System for
$7.5 billion. As part of the agreement, Turner became a vice-chairman
of Time Warner
and headed all the merged company's cable-television networks.
Turner was also a
noted yachtsman who piloted his yacht Courageous to win the America's
Cup in 1977.