A pioneer of global media and a strong believer in the acquisition of content, after rebuilding his late father's outdoor advertising business in Atlanta, Turner acquired a failing independent TV station in 1970, successfully upgraded its programming, and bought Major League Baseball's Atlanta Braves franchise. Recognizing cable TV's potential, he rented satellite transmission time to transform WTBS into the US's first cable superstation. He next created the all-news, all-day Cable News Network (CNN) and TNT cable network. CNN, despite widespread predictions of disaster, became a global 24-hour all-news cable channel and soon proved its worth with minute-by-minute coverage of such events as the space shuttle Challenger disaster in 1986 and the Gulf War in 1991. Turner bought Hanna-Barbera's cartoon studio and MGM's film library, created the Cartoon Network and, in 1995, following a failure to buy CBS, merged his media company with Time Warner to create a $17 bn conglomerate. He is also widely known for his philanthropy.