This turned them into an "integrated company" in which Kids Can's subsequent publications would begin with Nelvana's franchising of those works.

Shares of the major integrated companies, meanwhile, have risen 6 percent despite the soft overall stock market.

A large, integrated company makes sense, in his view, when a technology is young and it is a formidable task simply to make a product or service that works.

"For the large integrated companies, it is a matter of concern because it has the likelihood of making inroads into their territory."

"What's at stake here is the survival of the traditional integrated companies."

Those controls did not really hurt oil industry profits, however, and by January 1974, the major integrated companies began reporting income gains of 50 percent or more.

If prices stayed at that level or lower for several months, even the large integrated companies would begin to be hurt.

"This group of big international integrated companies is the most interesting right now," said Paul Ting, an analyst at Salomon Smith Barney.

Therefore we have to be careful over the next few years to ensure that the large integrated companies are not allowed to play too many games.

"This new structure will allow us to spend more executive-level time with customers and promote a more integrated, global company," Mr. Junkins said.