The entertainment industry’s multibillion-dollar scramble for consolidation will end with some companies bigger and more relevant, and others dead, said panelists discussing the future of entertainment Monday.

It’s going to take massive investments for companies to adapt to the digital world, said Sky Moore, a partner at the law firm Greenberg Glusker. He was among the panelists at  TheWrap’s annual media and technology conference TheGrill at the SLS Hotel in Beverly Hills.

The theatrical business is the most at risk, Moore said.