Interesting story by Richard Stoyeck "Tom Cruise, Paramount And Hollywood Power's Shift, And Now Hedge Funds"

Stoyeck says, "Until the 1950's, Hollywood was controlled by seven major motion picture studios. More importantly it was controlled by moguls, all of whom were men they of eastern European descent, who ruled the studio in the same way that the kings of their previous countries ruled the peasants. Creative control belonged to the mogul, while the money was always controlled by the New York bankers, the so-called "Suits".

"The Hollywood caste system began to crack in the 1950's, when Kirk Douglas, the father of Michael Douglas went independent, and formed one of the first independent film companies called Bryna, for his mother. They produced the "Vikings", "Spartacus", and "Seven Days in May". The so called Studio system was now dead. Power shifted to the individual actors, who became BRAND NAMES in their own right."
More here.