There are three main stages of the film industry: production, distribution, and exhibition. Within these stages, companies may integrate horizontally by owning multiple companies within the same stage, or vertically by owning companies across different stages. For example, Walt Disney owns production studios like Miramax and distribution companies. Warner Bros. owns production, distribution, and used to own exhibition theaters. A film goes through production, where it is financed and made, distribution to theaters and home markets, and exhibition where audiences view it.