Lorimar-Telepictures

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Lorimar-Telepictures Corporation
Company type Public
IndustryEntertainment
Predecessors Lorimar Productions
Telepictures Corporation
FoundedOctober 7, 1985;39 years ago (October 7, 1985)
DefunctJanuary 12, 1989;36 years ago (January 12, 1989)
FateMerged with Warner Communications
Successors Warner Bros. Domestic Television Distribution
Warner Communications
Telepictures Productions
Headquarters 10202 West Washington Boulevard,
Culver City, California
,
United States
Services
  • Television and film production
  • Syndication
  • Home video
  • Television broadcasting
Divisions Lorimar Television
Lorimar Syndication
Lorimar International

Lorimar-Telepictures Corporation, Inc. was an entertainment company established on October 7, 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.

Contents

History

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 January 12, 1989, Warner Communications merged with Lorimar-Telepictures after buying 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, as well as some of the Universal Pictures films that Lorimar distributed are currently distributed by NBCUniversal Syndication Studios via its Universal Television division.

Notes

  1. 1 2 Currently distributed by Shout! Factory under license from Alien Productions in United States.
  2. ↑ WB's rights to the series reverted to Premavision in 2003.
  3. ↑ Currently distributed by Paul Brownstein Productions/tvclassics.com.
  4. ↑ 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 KKR WTVJ (channel 4) in Miami, 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]

Media market State/TerritoryStationPurchasedSoldNotes
Chico–Redding California KCPM 19851988 [a]
Springfield Missouri KSPR 19851988 [a]
Pittsburgh Pennsylvania WPGH-TV 19861987
San Juan–Ponce–Mayagüez Puerto Rico WLII 19861991
WSUR-TV 19861991
Odessa–Midland Texas KMID 19851988 [a]
  1. 1 2 3 Owned by Telepictures prior to its merger with its Lorimar Television.

References

  1. ↑ "Lorimar in Merger". The Pittsburgh Press . October 7, 1985.
  2. ↑ Sherman, Stratford P.; Caminiti, Susan (May 12, 1986). "A TV TITAN WAGERS A WAD ON MOVIES". CNN Money . Retrieved May 5, 2020. Lorimar-Telepictures makes a ton of money producing and distributing such TV hits as Dallas and The People's Court. Unsatisfied, chief Merv Adelson is trying to expand in theatrical films. The profits are potentially huge – but a lot less certain.
  3. ↑ "Bottom Line" (PDF). Broadcasting . February 24, 1986. Retrieved October 25, 2021.
  4. ↑ "Syndication Marketplace" (PDF). Broadcasting . January 26, 1987. Retrieved October 26, 2021.
  5. ↑ "Fates & Fortunes" (PDF). Broadcasting . July 27, 1987. Retrieved August 28, 2021.
  6. ↑ "Lorimar Suffers $21.7-Million Loss; Debtors Problems Cited". Los Angeles Times. February 11, 1987. Retrieved August 28, 2021.
  7. ↑ Delugach, Al (January 12, 1989). "Warner Completes Merger With Lorimar Telepictures". Los Angeles Times. Retrieved October 23, 2010.
  8. ↑ Jicha, Tom (September 24, 1986). "Channel 4 buyers get Wall Street Journal scrutiny". Miami News . Miami, Florida. p. 5C. Archived from the original on April 12, 2021. Retrieved April 12, 2021– via Newspapers.com.
  9. ↑ McMahon, Patrick; Harris, Kathryn (May 21, 1986). "Lorimar Reportedly to Buy 6 Former Storer TV Stations". Los Angeles Times . Retrieved July 24, 2020.
  10. ↑ "Lorimar Corp. buying WTVJ in deal with Wometco firm". The Miami News. Miami, Florida. May 21, 1986. p. 10A. Archived from the original on April 11, 2021. Retrieved April 10, 2021– via Newspapers.com.
  11. ↑ Chrissos, Joan (July 1, 1986). "Lorimar agrees to buy WTVJ, 6 other stations for $1.85 billion". Miami Herald . Miami, Florida. p. 6D. Archived from the original on April 11, 2021. Retrieved April 10, 2021– via Newspapers.com.
  12. ↑ Altaner, David (May 22, 1986). "Lorimar buying WTVJ, 6 other stations". Sun Sentinel . Fort Lauderdale, Florida. p. D1. Archived from the original on April 11, 2021. Retrieved April 10, 2021– via Newspapers.com.
  13. ↑ 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. ProQuest   397983887 – via ProQuest.
  14. ↑ Sigale, Merwin (October 23, 1986). "WTVJ ownership uncertain after Lorimar exclusion". The Miami News. Miami, Florida. p. 8A. Archived from the original on April 11, 2021. Retrieved April 11, 2021– via Newspapers.com.
  15. ↑ Sonsky, Steve (October 30, 1986). "Is CBS behind collapse of WTVJ sale?". The Miami Herald. Miami, Florida. pp. 7D–8D. Archived from the original on April 11, 2021. Retrieved April 11, 2011– via Newspapers.com.
  16. ↑ Sonsky, Steve (October 30, 1986). "Is CBS behind collapse of WTVJ sale?". The Miami Herald. Miami, Florida. pp. 7D–8D. Archived from the original on April 11, 2021. Retrieved April 11, 2011– via Newspapers.com.
  17. ↑ "Lorimar drops deal for WTVJ". The Palm Beach Post. Palm Beach, Florida. Reuters. October 23, 1986. Archived from the original on April 11, 2021. Retrieved April 11, 2021– via Newspapers.com.
  18. ↑ Altaner, David (October 23, 1986). "Channel 4 purchase called off". South Florida Sun-Sentinel. Fort Lauderdale, Florida. p. D1. Archived from the original on April 11, 2021. Retrieved April 11, 2021– via Newspapers.com.
  19. ↑ Michals, Bob (January 17, 1987). "Miami's CBS affiliate gets new owner—NBC". The Palm Beach Post. Palm Beach, Florida. pp. 1A, 12A. Archived from the original on February 17, 2022. Retrieved April 4, 2021– via Newspapers.com.
  20. ↑ Sonsky, Steve (January 1, 1989). "3 million TV viewers affected". The Miami Herald. Miami, Florida. p. 1A, 25A. Archived from the original on April 12, 2021. Retrieved April 3, 2021– via Newspapers.com.
  21. ↑ Lippman, John (July 22, 1987). "Following $650-Mil Gillett Deal, SCI Holdings Puts Up 'For Sale' Sign On Storer Cable Subsidiary". Variety . pp. 51, 72.
  22. ↑ "Broadcasting & Cable Yearbook 1989" (PDF). American Radio History (PDF). Broadcasting & Cable. 1989 [1989]. pp. 579, 649. Retrieved May 25, 2020.
  23. ↑ "The New York Times – COMPANY NEWS; Lorimar Cuts TV Deal Price". The New York Times . January 9, 1987. Retrieved August 5, 2008.
  24. ↑ "The Broadcasting Yearbook 1990" (PDF). American Radio History (PDF). Broadcasting & Cable. 1990 [1990]. p. 646. Retrieved May 25, 2020.
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