The question some ask about the Hollywood buyouts by major foreign interests is whether ownership changes alter the principal questions posed by the cultural imperialism tradition. From a critical perspective, the answer is no, because the set of underlying problems still remains. This article traces some of the history of the term from its Latin American origins in the 1970s to Europe in the 1980s. A look at more recent writings on the issues of cultural hegemony shows how, although the terms of the debate have changed some what, significant current issues, such as market dominance, cultural practice, and audience reception, remain to be fully explored. A review of the sale of Hollywood assets from the mid-1980s does not suggest fundamental changes in the process of cultural production or distribution. Many areas for critical research remain to be addressed.