Friday, November 18, 2011

Ted Turner

Ted Turner is an American media mogul and philanthropist. Early in Turner's career, he took Atlanta's independent UHF television station from financial troubles to profit in three years. He went on to found CNN and TNT. In 1986, he bought MGM/UA. Six years later, he created Cartoon Network and purchased New Line Cinema and Castle Rock Entertainment. He has given $1 billion to support UN causes.

Ted Turner(born Nov. 19, 1938, Cincinnati, Ohio, U.S.) broadcasting entrepreneur and sportsman who became a major figure in American business in the late 20th century.

Turner attended but did not graduate from Brown University. After stints as an account executive for the billboard-advertising company owned by his father and based in Atlanta, Ga., Turner became the general manager of one of the company's branch offices in 1960. Following his father's death in 1963, Turner took over the ailing family business and restored it to profitability.

In 1970 he purchased a financially troubled UHF television station 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 his station (later renamed WTBS, or TBS, the Turner Broadcasting System) to a nationwide cable television audience, thereby greatly increasing revenues. 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 major league baseball team in 1976 and the Atlanta Hawks professional basketball team in 1977. Turner was a noted yachtsman as well, and he piloted Courageous to win the America's Cup in 1977. In 1986 he bought the MGM/UA Entertainment Company, which included the former Metro-Goldwyn-Mayer motion-picture studio and its library of more than 4,000 films. Turner set off a storm of protest from the film community and film critics when he authorized the “colourizing” of some of the library's black-and-white motion pictures.

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 the Turner Broadcasting System, Inc., though he retained control of it. He also kept ownership of the MGM film library, which included many Hollywood classics. He also founded and sponsored the Goodwill Games (1986–2001), citing his hope of easing Cold War tensions through friendly athletic competition. He married actress-activist Jane Fonda in 1991; they divorced in 2001.

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 of the merged company's cable television networks. When Time Warner merged with Internet company AOL, Turner became vice-chairman and senior adviser of AOL Time Warner Inc. In 2003 he resigned as vice-chairman of that company. Also in 2003, Turner both produced and starred in the films Gods and Generals and Gettysburg. In 2006 he received the Bower Award for Business Leadership from the Franklin Institute—a premier science and technology education and development centre in Philadelphia. That same year, Turner announced that he would not seek reelection to Time Warner's board of directors. In April 2007 Junior Achievement—a nonprofit educational organization that provides hands-on business training programs to youths throughout the world—inducted Turner into its U.S. Business Hall of Fame. In 2008 Turner released his autobiography, Call Me Ted.

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