Major movie studios form alliances to co-finance films in order to reduce risk, pool resources, and gain managerial bargaining power according to hypotheses around the motives for alliances. The research analyzed 275 films from 12 studios, comparing co-financed films to solely financed films while accounting for variables. The findings showed that solely financed films carried less risk than strategically allied and co-financed films, though performance did not significantly differ between the two types of financing approaches.