Hollywood accounting doesn't change
whether there are profits, it changes
who records the profits.
IP Holder the rights to a movie. Production Studio S to make the movie for a fee. Distributor D distributes the movie for a fee.
Most people think that Production Studio S is the company that records the profits from the movie, but they generally don't see anything beyond their costs associated with actually making the film. In the old days, Production Studio S also got saddled with all the costs associated with the movie, including distribution costs paid to the distributor; now this is usually only the case for independently financed movies. Naive talent and investors, or independent film investors, make their profit sharing agreements with Production Studio S.
IP Holder owns the rights to the movie, and generally is the one that records the profits to the movie. These days, this entity is rarely the same entity that made the movie, but for independent films, this entity is usually the same as the Production Studio S.
If Distributor owns IP Holder, they will usually put expenses into this entity instead of Production Studio S because...sophisticated talent and investors make their profit sharing agreements with IP Holder (and Production Studio S won't see much income, so that's a moot point). Distributor can suck out the profits by increasing the fee charged to IP Holder for distribution services, which includes marketing. IP Holder sees a lot of expenses, and it may take years (or over a decade) to record a profit, so the highest-tier talent and investors make gross point profit sharing agreements, meaning that their profit share is based on the movie's pre-expense earnings rather than on net (post-expense) earnings (but only the highest tier talent and investors get to do this, see e.g., Sandra Bullock and Gravity).
Note: when I was at a firm, my clients included both one of the big studios and a number of the smaller studios, so the above is a very simplified version of the accounting structuring.