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https://wyomingllcattorney.com/Blog/Mergers-and-Acquisitions-of-Major-Film-Studios
In the 80s, lots of companies were run by folks who thought "this business can't grow in this market that it's lived its entire life. Let's jump into other markets!" So there were LOTS of mergers and acquisitions - things like a soda company buying a movie studio in 1982 for $750M because it was the style at the time. There was no grand strategy other than "people drink sodas while watching movies." It was cocaine fueled decisions using other people's money and discovering that liability stopped at the job - you could end entire industries in America and get away with it if it made money.