Pathé Exchange, commonly known as Pathé, was an American film production and distribution company, largely of Hollywood's silent era. Known for its groundbreaking newsreel and wide array of shorts, it grew out of the American division of the major French studio Pathé Frères, which began distributing films in the United States in 1904. Ten years later, it produced the enormously succeesful The Perils of Pauline, a twenty-episode serial that came to define the genre. The American operation was incorporated as Pathé Exchange toward the end of 1914 and spun off as an independent entity in 1921; the Merrill Lynch investment firm acquired a controlling stake. The following year, it released Robert J. Flaherty's influential documentary Nanook of the North. For much of the 1920s, Pathé distributed