The company began when independent theater owners formed a trade association. Then someone said “hey, let’s do more than just show movies. Let’s distribute them.” Paramount had all the clout, and First National thought some competition might be nice for the boys. Then someone said “hey, why not make movies? Let’s throw a million at this Chaplin fellow and see what happens.”
Paramount now had a rival, and they decided to fight back . . . by building their own theaters.

Warner Brothers bought First National in 1928, but kept the names separate until 1936. Eventually, of course, all the chains were sundered, and the distribution systems smashed for good.

How many films did they make? Well, between 1928 and 1929, they made eighty.