[Angelino97]

All those classic movies he bought up for restoration and colorization were sitting in vaults deteriorating and were considered worthless at the time.

No, they weren't.

Turner created TCM in 1994.

By then, videocassettes and 100+ channel cable systems had already convinced the studios that old movies were not worthless.

Also, many film lovers and Hollywood directors and cinematographers hated Turner, and considered him a philistine, because he colorized old black & white films.

[BBB333]

“Also, many film lovers and Hollywood directors and cinematographers hated Turner, and considered him a philistine, because he colorized old black & white films.”

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Yes, it is true he colorized some movies — I don’t recall that the colorizations went over too well.

As a businessman it was smart as the color versions could be copyrighted and receive residual fees.

[Fledermaus]

Sorry, but a lot of the MGM films were in serious decay. Many lost.