Columbia Pictures was founded in 1918 and has gone through many changes in ownership over the years. It started as a small production company producing short films and serials on low budgets. Throughout the 1920s and 30s, Columbia grew to become a major Hollywood studio, known for producing moderately budgeted films across genres like comedies, sports films, and cartoons. In the 1950s, Columbia was one of the 'Big Five' major studios due to not having theaters that other studios lost income from. Sony purchased Columbia Pictures in 1989 and it is now a subsidiary of Sony Pictures Entertainment.