Lorimar-Telepictures

Lorimar-Telepictures Corporation, Inc. was an American entertainment company created through the combination of Lorimar Productions and Telepictures Corporation. The merger was announced in October 1985 and completed on February 19, 1986, creating a diversified media group whose activities extended across television production, television syndication, international program distribution, feature films, home video, and television-station ownership. The company was headquartered at the former Metro-Goldwyn-Mayer studio complex in Culver City, California, now associated with Sony Pictures Studios. Its operating structure was reorganized in 1987 around separate branded divisions. Lorimar Television handled network-oriented television production, Lorimar Syndication focused on first-run and off-network broadcast distribution, and Lorimar International managed television distribution outside the United States. The parent company continued to use the Lorimar-Telepictures identity for the broader corporate group. Television was central to the company's commercial identity. Lorimar-Telepictures inherited and developed a substantial library of filmed entertainment and participated in the production or distribution of television programs for domestic broadcasters and overseas buyers. Through its distribution operations, it also handled international circulation for many programs from other producers, including a large portion of pre-1990 DIC Entertainment and Saban Entertainment series. Its wider catalog included films and television properties that later became associated with Warner Bros. Television Studios or other successor distributors. The company also pursued a significant broadcasting strategy. Through Telepictures and subsequent transactions, it held or sought interests in television stations in major and smaller U.S. markets, including markets in Puerto Rico. In 1985 it made an unsuccessful offer for Multimedia, Inc. In 1986 it agreed to acquire a group of stations connected with Storer Communications and Kohlberg Kravis Roberts, but the transaction collapsed after complications surrounding WTVJ in Miami and concerns about the valuation and financing of the station package. Several stations involved in the proposed transaction were subsequently sold to other owners. Lorimar-Telepictures encountered serious financial pressure during its short independent existence. The studio reported a $21.7 million loss in 1987, while analysts criticized the scale and financing of its proposed station acquisition. In June 1988, Warner Communications merged with Lorimar-Telepictures, ending its existence as an independent corporate group. Its entertainment assets and program library were subsequently absorbed into Warner's expanding television and film operations, although individual properties and distribution rights later moved among successor companies.

Lorimar-Telepictures emerged from the 1985 agreement to combine Lorimar Productions, an established producer of filmed entertainment, with Telepictures Corporation, a company active in television distribution and broadcasting. The transaction was announced on October 7, 1985, and completed on February 19, 1986. Merv Adelson was associated with the public announcement, while Lee Rich, one of Lorimar's founders, sold his shares and left the company in 1986. The resulting corporation was designed as a broad entertainment group rather than a single television studio. It operated from the former MGM studio facilities in Culver City and maintained interests in television production, syndicated programming, international licensing, feature films, home video, and television stations. In 1987, management separated key activities into operating divisions: Lorimar Television for network television production, Lorimar Syndication for domestic syndicated programming, and Lorimar International for overseas television distribution. Robert Rosenbaum was reported as vice president of production at Lorimar Television. Broadcasting became an important but problematic part of the company's strategy. Lorimar-Telepictures made a failed $1 billion offer for Multimedia, Inc. in 1985. The following year it agreed to acquire WTVJ in Miami and several Storer-related stations in a proposed $1.85 billion transaction. After questions arose about WTVJ's valuation and its CBS affiliation, Lorimar-Telepictures sought to remove the station from the deal. The wider transaction ultimately collapsed. Analysts also questioned whether the proposed WTVJ price was excessive relative to the station's cash flow and whether the debt burden could be serviced. The company reported a $21.7 million loss in 1987 and remained under financial pressure. The proposed Storer stations were subsequently sold to other interests, and WTVJ eventually went to NBC. Lorimar-Telepictures was absorbed into Warner Communications in June 1988. Its content assets and television library became part of Warner's broader entertainment operations, while individual titles and rights were later handled by successor distributors.

• 1988

  Merged into Warner Communications

  [1]Lorimar-Telepicturesen.wikipedia.org

  Warner Communications merged with Lorimar-Telepictures in June.

• 1987

  Operating divisions introduced

  [1]Lorimar-Telepicturesen.wikipedia.org

  The company established Lorimar Television, Lorimar Syndication, and Lorimar International as separate branded operating units.

• 1986

  Merger completed

  [1]Lorimar-Telepicturesen.wikipedia.org

  The Lorimar-Telepictures merger was completed on February 19.

• 1985

  Merger announced

  [1]Lorimar-Telepicturesen.wikipedia.org

  Lorimar Productions and Telepictures Corporation announced their planned combination on October 7.

A vertically integrated American entertainment company combining filmed-content production, domestic syndication, international distribution, home video, and television broadcasting assets.

• Television production · 1987

  Lorimar Television

  The network-oriented production division created in the 1987 restructuring. It developed and supplied filmed television programming while operating as a branded unit beneath the Lorimar-Telepictures parent company.

• Television syndication · 1987

  Lorimar Syndication

  The domestic distribution division responsible for first-run syndicated programming and off-network television circulation. Its role reflected Telepictures' distribution heritage and the group's effort to separate production from broadcast sales.

• International television distribution · 1987

  Lorimar International

  The international licensing and distribution division, responsible for placing Lorimar-Telepictures programming outside the United States. The company also distributed many pre-1990 DIC Entertainment and Saban Entertainment series internationally.

• Film and home entertainment

  Feature films and home video

  Lorimar-Telepictures maintained film and home-video activities alongside its television businesses. These operations formed part of the broader entertainment asset base later absorbed into Warner Communications.

• 1987

  Creation of branded operating divisionsStrategy

  Background

  The company sought to clarify its expanding entertainment operations by separating production, domestic syndication, and international distribution.

  Action taken

  It introduced Lorimar Television, Lorimar Syndication, and Lorimar International as distinct operating brands under the Lorimar-Telepictures parent.

  Aftermath

  The divisional structure remained part of the company's identity until its merger with Warner Communications in 1988.

  Source

• 1986

  Proposed acquisition of Storer-related stationsM&A

  Background

  The company pursued a large broadcasting expansion involving WTVJ in Miami and several stations associated with Storer Communications.

  Action taken

  Lorimar-Telepictures agreed to a proposed $1.85 billion group transaction, later requesting that WTVJ be excluded after concerns about its valuation and affiliation circumstances.

  Aftermath

  The overall transaction collapsed. The stations were subsequently sold to other buyers, and WTVJ was later sold to NBC.

  Proposed transaction value. $1.85 billion proposed group deal (1986)

  Source

• 1985

  Offer for Multimedia, Inc.M&A

  Background

  Lorimar-Telepictures sought to expand its broadcasting portfolio by bidding approximately $1 billion for Multimedia, Inc., which owned television and radio stations.

  Action taken

  The company made the offer, but the proposed acquisition did not succeed.

  Aftermath

  Lorimar-Telepictures continued pursuing station assets through other transactions.

  Offer value. $1 billion offer (1985)

  Source

1. 1Lorimar-Telepicturesen.wikipedia.org