Forty years ago today, on August 7, 1985 (June 21, 1985 lunar calendar), CBS refused to buy Turner. News King Ted Turner On August 7, 1985, after being flatly rejected by CBS, News King Ted Turner decided to pay for MGM Pictures and Artists Federation Entertainment. His purchase this time included his ownership of classic films such as "Oates' Wizards" and "Gone with the Wind", and Turner would pay $1.50 billion in cash. CBS is anything but money can buy. For many reasons, the company opposed his broadcast standards. Atlanton bought the World Television Broadcasting System in 1970 and named it "Super Radio," broadcasting its programming nationally by satellite. It relied on looping B-rated movies (which would undoubtedly be produced by MGM Pictures), the Atlanta Braves, and reliable coverage. In 1980, Turner founded a 24-hour radio news program called CNN. It wasn't until Quarter 1 this year that the broadcaster saw economic benefits.