Turner Entertainment Company was established August 4, 1986 to oversee Turner Broadcasting's film library after its acquisition of MGM/UA. In addition to the studio, Turner got its library, which included all of MGM's films, Warner Bros.' pre-1948 releases, a majority of the RKO Radio Pictures library, and some United Artists material. Turner later re-sold the studio, keeping the library.

Turner Entertainment also played a huge part in film preservation and restoration, thus such classic films as Casablanca, King Kong, Easter Parade, and the original The Jazz Singer, 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. The films are also internationally distributed and shown by many channels around the world.

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