Lorimar-Telepictures Corporation was an entertainment company established in 1985 with the merger of Lorimar Productions, Inc. and Telepictures Corporation. Headquartered at the former Metro-Goldwyn-Mayer Studios (now Sony Pictures Studios) in Culver City, California, its assets included television production and syndication (which operated under the Lorimar-Telepictures name), feature films, home video, and broadcasting.
The merger of Lorimar-Telepictures was announced on October 7, 1985, by Merv Adelson.[1][2] On February 19, 1986, the merger was complete.[3] Lee Rich, one of the other founders of Lorimar, sold his shares in 1986 and left the company.
In 1987, Lorimar-Telepictures decided to launch separate divisions with brand logos, which are Lorimar Television for network television production, Lorimar Syndication for broadcast and off-net syndication, and Lorimar International for television distribution, with Lorimar-Telepictures being the parent company of the groups. Both had used Lorimar as operating names starting on January 19, 1987.[4] It is reported that Robert Rosenbaum was named vice president of production at the Lorimar Television unit.[5] Also that year, it faced a $21.7 million loss from the studio.[6]
In June 1988, Warner Communications acquired Lorimar-Telepictures after shaking off the hostile takeover of the company.[7]
List of films/programs produced/distributed by Lorimar-Telepictures
Note: All series listed here are now owned and distributed by Warner Bros. Television Studios with a few exceptions.
Lorimar-Telepictures also distributed most of the pre-1990 DIC Entertainment and Saban Entertainment series in international markets; most of the DIC series are currently distributed by WildBrain, and most of the Saban series are currently distributed by Disney–ABC Domestic Television.
Notes
↑ 1.01.11.2Currently distributed by Shout! Factory under license from Alien Productions in United States.
↑WB's rights to the series reverted to Premavision in 2003.
↑Currently distributed by Paul Brownstein Productions/tvclassics.com.
↑WB's rights to the series later reverted to its original creators.
Broadcasting
Lorimar-Telepictures also held ownership interests in several television stations via predecessor Telepictures, mostly based in smaller markets and Puerto Rico.[8] The company made a failed $1 billion offer in 1985 for Multimedia, Inc., which owned eight television stations and fifteen radio stations.[9] On May 21, 1986, Lorimar-Telepictures agreed to purchase from private equity firm Kohlberg Kravis Roberts (KKR) WTVJ (channel 4) in Miami, Florida, along with Storer Communications stations WAGA-TV in Atlanta, WITI in Milwaukee, WJBK in Detroit, WJW-TV in Cleveland, WSBK-TV in Boston and KCST in San Diego, in a $1.85 billion group deal.[10] WTVJ, including the studio building and surrounding land, was itself sold for $405 million.[11] Also included was Storer's program production company, advertising sales division and Washington news bureau.[12] Lorimar-Telepictures also made purchase offers for WPGH-TV in Pittsburgh and WTTV in Bloomington–Indianapolis.[13]
By October 22, 1986, Lorimar-Telepictures requested to exclude WTVJ from the Storer deal[14] after learning that CBS, of which WTVJ was affiliated with, inquired with the owners of WCIX (channel 6) about a purchase, putting the valuation of WTVJ in peril and ultimately collapsing the entire deal.[15] Other financial market analysts argued that Lorimar grossly overpaid for WTVJ, as the $405 million price was nearly 21 times WTVJ's cash flow (typical station purchase prices were 10 to 14 times cash flow)[16] and made it difficult to cover interest serviced on $2 billion in high-yield bonds.[17][18] KKR sold WTVJ to NBC in January 1987,[19] ultimately initiating a complicated six-station affiliation swap in Miami and West Palm Beach, Florida, on January 1, 1989.[20] The Storer stations were also sold to George N. Gillett Jr. in 1987.[21]
The purchase offer for WTTV failed to close, with the station instead being sold to Capitol Broadcasting Company. WPGH-TV, which was successfully purchased by Lorimar, was sold to Renaissance Broadcasting in 1987.[22][23] KCPM, KSPR and KMID were sold to Goltrin Communications in 1988.[24]
↑ 1.01.11.2Owned by Telepictures prior to its merger with its Lorimar Television.
↑Operated by Allen Media Broadcasting under a Local marketing agreement.
↑The sale of its spectrum during the FCC's 2016 United States wireless spectrum auction in 2016 as KGHZ, resulted in its assets, intellectual properties and corresponding ABC affiliation being moved to low-power station KYCW-LD, which immediately inherited the former's call letters, now as KSPR-LD. In the end, as a result of all of this, KGHZ, the original KSPR, was taken off the air permanently.
↑ 4.04.1To reach all of Puerto Rico, WLII-DT and WSUR-TV reached an affiliation agreement with WNJX-TV in Mayagüez, Puerto Rico, which lasted until 1994; WNJX now operates as full-time satellite station of WAPA-TV, owned by Hemisphere Media Group.
↑Kwitny, Jonathan (September 15, 1986). "Seeds of Success: Two Lorimar Officials Have Had Ties to Men Of Underworld Repute --- Merv Adelson, Irwin Molasky Relied on Teamster Loans To Build Many Businesses --- Entertaining at La Costa". The Wall Street Journal Eastern Edition (New York, New York: Dow Jones & Company, Inc): p. 1. ProQuest397983887.