Turner Entertainment Company was initiated by Ted Turner in 1986 after he acquired MGM (Metro-Goldwyn-Mayer) and its library that at the time included all of the studio's pre-1986 output, the pre-1948 Warner Bros output, a majority of the RKO Radio Pictures library, and some United Artists material. When Turner sold back the MGM studio shortly after, he kept the library he had acquired, thus it was incorporated into Turner's company.

Turner Entertainment also played a huge part in preserving and restoring its library, thus these films can continue to be seen today via its TBS Superstation, TNT, and Turner Classic Movies cable channels, as well as in revival movie houses and home video.

Today, as part of Time Warner, Turner Entertainment continues to oversee its inherited prized properties, such as "Gilligan's Island", "The Wizard Of Oz", "Gone With The Wind", and "Tom & Jerry".