ranks and installed leaders with little Hollywood experience. As it set about building a Netflix-style streaming service, AT&T slashed and burned through the Warner Bros. Stephenson, then AT&T’s chief executive, put it at the time. in June 2018 as part of a bid to “bring a fresh approach to how the media and entertainment company works,” as Randall L. The Texas phone giant took over Warner Bros. alone stood as Hollywood’s citadel, a beige-walled protectorate of filmmakers run by executives with institutional Hollywood knowledge. Paramount Pictures had been strip mined for cash by an ailing Sumner Redstone. Universal had weathered five outside takeovers in the span of 21 years. Columbia Pictures was sold to Coca-Cola in 1982 and then offloaded to Sony in 1989. Metro-Goldwyn-Mayer had been tossed between disruptive owners for decades, never to fully recover. LOS ANGELES - By 2018, almost every golden-age Hollywood studio had been conquered by outside forces.
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