Thurman Arnold trust buster Sherman Antitrust Act Warner Bros. MGM Fox RKO Paramount consent decree studios Hollywood
Assistant Attorney General Thurman Arnold—a noted "trust buster" of the Roosevelt administration—took this opportunity to initiate proceedings against the eight largest Hollywood studios in July 1938 for violations of the Sherman Antitrust Act. The federal suit resulted in five of the eight studios (the "Big Five": Warner Bros., MGM, Fox, RKO and Paramount) reaching a compromise with Arnold in October 1940 and signing a consent decree agreeing to, within three years:
