It galvanized Paley and his troops, who had no alternative but to "turn the network around and earn the $2,000,000 in two years... This is the atmosphere in which the CBS of today was born."[16] The near-bankrupt film studio sold its CBS shares back to the network in 1932.[17] In the first year of Paley's watch, CBS's gross earnings more than tripled, going from $1.4 million to $4.7 million.[18]