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After inheriting his father’s small billboard company, Ted Turner found himself facing the hard facts of business. His dad’s operation was in rough financial shape. Turner had a bold vision for the future. He became fixed on building a media empire based on new satellite technology and the expansion of television markets with the opening of the UHF broadcasting bands.
In 1970, with a little investment cash, Turner acquired the once publicly traded Rice Broadcasting (WJRJ-TV) in Atlanta. Merging his billboard company into Rice Broadcasting adding value to the company’s stock. Turner was now in a position to tap the capital markets of Wall Street.
He created TBS, the first national UHF superstation, CNN, and The Cartoon Network. Latter he purchased the MGM/UA film library and launched Turner Film Classics. Never one to sit still, Turner acquired a national baseball franchise which he moved to Atlanta. After an unsuccessful attempt to purchase the long established CBS-TV network Turner Broadcasting was itself acquired by the Time/Warner corporation. Today, his is personal worth over five billion dollars.