Robert Shaye founded New Line Cinema in 1967 out of his apartment, growing it into a major independent film studio through successful franchises like A Nightmare on Elm Street and licensing art films to colleges. New Line was acquired by Ted Turner in 1994 and merged with Warner Bros. in 2008 after struggles with films like The Golden Compass. It continued producing films as a smaller subsidiary of Warner Bros. focused on 6 films per year.