Hugs & Kisses. Preferred Pictures was an American film production company of the silent era. Founded in 1920 by the producer B. P. Schulberg following his departure from Paramount Pictures, it was an independent, either distributing its own films or releasing them through First National Pictures. In 1925 the company ran into financial trouble. Schulberg was lured back to Paramount and brought Bow with him. The final few releases under the Preferred Pictures label were released in 1926. Shameful Behavior? (1926) was their last film.