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. Schulberg's partners were and Al Lichtman, and many of the company's earliest productions featured the actress Katherine MacDonald. She was replaced as the company's leading star by Clara Bow.