The Ted Turner Saga | Part 9: MGM Nightmares

Ted Turner’s 1985 acquisition of MGM Studios represents a high-stakes gamble that nearly dismantled his media empire. Faced with a hostile CBS takeover, Turner pivoted to acquire MGM, driven by the need to secure a vast film library for his Superstation. This move, orchestrated with the help of junk bond pioneer Michael Milken, saddled Turner with $2 billion in debt and forced the rapid sale of MGM’s production assets back to Kirk Kerkorian. The deal highlights the transformative power of junk bonds in the 1980s, allowing smaller players to challenge corporate giants. Despite the financial peril and the threat of losing control to Kerkorian, Turner’s strategic focus on owning content—specifically the world’s largest film library—ultimately secured the long-term viability of his cable networks, even as he navigated the brink of insolvency.