a designer for Panavision and—after opening some of the older lenses—figured out the secret. In the mid-1960s, Gottschalk altered Panavision's business model. The company now maintained its full inventory, making its lenses and the cameras it had acquired from MGM available only by rental. This meant that equipment could be maintained, modified, and regularly updated by the company. When Panavision eventually brought its own camera designs to market, it was relatively unconstrained by retrofitting and manufacturing costs, as it was not directly competing on sales price. This allowed Panavision to build cameras to new standards of durability. The new business model required additional capital. To this end, the company was sold to Banner Productions in 1965, with Gottschalk remaining as president. Panavision would soon expand into markets beyond Hollywood, eventually including New York, Europe, Australia, Hong Kong, and Southeast Asia. Kinney National Company bought out Banner in 1968 and took over Warner Bros.-Seven Arts the following year, eventually renaming itself Warner Communications due to a financial scandal. Kinney/Warner's financial resources made possible a massive expansion in Panavision's inventory, as well as substantial leaps in research and development. During this period, the company's R&D department focused on retrofitting the industry standard 35 mm camera, the Mitchell BNC. The first cameras produced by Panavision were Mitchell cameras, and all standard 35mm cameras made by Panavision to this day are based on the Mitchell movement. The effort to develop a lighter, quieter camera with a reflex viewfinder led to the introduction of the Panavision Silent Reflex (PSR) in 1967. The camera could provide a shutter angle of up to 200 degrees. Many refinements were made to the PSR during the first few years after its introduction, and it soon became one of the most popular studio cameras in the world. Panavision also began manufacturing spherical lenses for 1.85:1 photography, garnering a significant share of the market. In 1968, Panavision released a handheld 65 mm camera. By that time, however, the much cheaper process of blowing up 35 mm anamorphic films to 70 mm—introduced with The Cardinal (1964)—had made 65 mm production virtually obsolete. In 1970, the last two feature films shot entirely with Super Panavision were released: Song of Norway and Ryan's Daughter. In the decades since, only a handful of films have been shot in 65 mm. Birth of Panaflex Albert Mayer led the next major project: the creation of a lightweight