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Great American wanted out of the entertainment business, and Hanna-Barbera was sold to the Turner Broadcasting System in 1991.
Ted Turner had expressed that he mainly wanted ownership of the studio's back catalog ; its launch of Cartoon Network on October 1, 1992 provided a new audience for Hanna-Barbera cartoons, both old and new.
Time Warner acquired Turner in 1996, and thus inherited the rights to all of Hanna-Barbera's creative properties.
This allowed Cartoon Network to begin airing classic Looney Tunes shorts as well.
Cartoon Network's success with original programming lead them to move the reruns of old Hanna-Barbera and Looney Tunes cartoons to their spin-off channel Boomerang.

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