The original Cartoon Network logo, used from Octoto June 13, 2004. On February 18, 1992, Turner announced its plans to launch the Cartoon Network as an outlet for Turner's considerable library of animation. (then-owner of Universal Studios) and Hallmark Cards when it made a deal to purchase animation studio Hanna-Barbera Productions for $320 million. In 1991, Turner beat out bidders including MCA Inc. At this time, Turner's animation library included the MGM cartoon library, the pre-1948 color Looney Tunes and Merrie Melodies shorts, the Harman-Ising Merrie Melodies shorts (except Lady, Play Your Mandolin!), and the Fleischer Studios/ Famous Studios Popeye cartoons. On October 8, 1988, its cable channel Turner Network Television was launched and had gained an audience with its extensive film library. However, Turner kept much of MGM's film and television library made prior to May 1986 (as well as some of the United Artists library) and formed Turner Entertainment Co. On August 9, 1986, Ted Turner's Turner Broadcasting System acquired Metro-Goldwyn-Mayer/ United Artists from Kirk Kerkorian due to concerns over the debt load of his companies, on October 18, 1986, Turner was forced to sell MGM back to Kerkorian after approximately only 75 days of ownership. 4.11 Cartoon Network Latin America Original Productions.4.7 High definition channels and service.1.6 Editing of Looney Tunes and Merrie Melodies shorts.