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The classical Hollywood studio system (1920s–1950s) was characterized by vertical integration—studios like MGM, Warner Bros., and Paramount controlled production, distribution, and exhibition. The 1948 Paramount Decree dismantled this model, forcing studios to sell their theater chains. By the 1980s–90s, a new consolidation emerged: media conglomerates (e.g., Disney acquiring ABC, Time Warner merging with Turner). Today, the "Big Five" operate as divisions of multinational corporations, prioritizing cross-platform synergy (toys, theme parks, streaming).