In 1980, PolyGram created PolyGram Pictures in a partnership with Peter Guber. During the late 1980s and early 1990s, PolyGram continued to invest in a diversified film unit with the purchases of individual production companies. In 1995, PolyGram purchased ITC Entertainment for $156 million. In May 1998, PolyGram was sold to Seagram, which owned Universal Pictures and Universal Music Group, for $10 billion. Seagram sold off some of PolyGram's assets while mainly acquiring its music division. The ITC Entertainment library was sold to Carlton Communications for £91 million, the pre-April 1996 PolyGram Filmed Entertainment library was sold to Metro-Goldwyn-Mayer, and PolyGram's US distributor was sold to USA Networks. After many of its assets were sold, the remains of PolyGram's film division was folded into Universal Pictures. When the newly formed entertainment division of Seagram faced financial difficulties, it was sold to Vivendi, and MCA became known as Universal Studios, as Seagram ceased to exist. Vivendi remains owner of the Universal Music Group, MGM owns the rights to the pre-1996 library, and the post-1996 film and television library is owned by NBCUniversal. In 2017, Universal Music Group established a film and television division, resurrecting the PolyGram Entertainment name.