I never really understood how Hollywood worked until Michael Colleary used a metaphor like this in his Stage 32 webinar:
Think of the studios as suns, production companies with first-look deals as the planets that orbit those suns, management firms and agencies as moons that orbit those planets and writers, actors, directors, etc.. as satellites that orbit those moons.
I hope this helps.
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I've read in one of the many guides out there, that you should try to contact the smaller addresses first. Which makes total sense with the Solar System analogy. If you first try with the big players and contact immediately a large studio and they reject the script, all 'moons' and 'planets' attached to it are burnt for the opportunity.