本 文藉由回顧美國電視法案《財務利益與辛迪加規定》（Finsyn）與《黃金時段接取規定》（PTAR）的通過與修廢所經歷的產業變遷，針對一般認定美國影視產業發生了全面性的聚合與壟斷的說法加以辨析。在以製作–發行–映演的架構理解影視產業資本的運動路徑後，本文指出，戰後好萊塢在片廠體制（studio system）崩毀後，職能集中於影視產品的代理與發行，並以電視業為新興映演通路。面臨電視網業者坐大而挑戰其職能的危機，好萊塢業者透過司法與政治遊說手段節制了電視網資本積累的可能性，成功占取辛迪加市場並持續開發、整併新興的映演通路，最終將電視網業者整合進娛樂集團事業中。本文欲指出Finsyn與PTAR的意義必須放在好萊塢與電視網競合的政治經濟史中理解，增進多元性的說法僅是立法上的修辭。而這個歷程中資本往發行與映演部門集中、但生產部門零細化的意義，應當注意。

The U.S audiovisual sector has been monopolized by a few entertainment giants after several merger and acquisitions in the past 20 years. The process is known as “convergence”. However, if the industry is identified as being composed by the three sectors of production, distribution and exhibition, and then trace the movement of the capital around them, the concept of “monopoly” or “convergence” may not be the exact description of the process. After reviewing the history between 1970 and 1995 during the application of FCC’s Financial Interest and Syndication Rules (Finsyn) and Prime Time Access Rules (PTAR), this article specifically indicates that Hollywood studios have concentrated on distribution of AV products since the collapse of the “studio system”, and have treated television industry as an important exhibition channel. When the television networks tried to produce programs and challenge the studios’ position, Hollywood studios canvassed and pushed the pass of Finsyn and PTAR, which limited the capital accumulation of networks and allowed studios to dominate the syndication market. While studios kept creating and merging with the new exhibition channels in the 1980s, they were hoping to have their own networks as well. This article in addition points out that whether or not Finsyn and PTAR are accepted still very much dependent on the political-economic conditions. Furthermore, since the capital concentrates on either distribution or exhibition sectors, there should be an attention on the problem of the fragile production sector.