'Citizen Kane' dethroned by 'Vertigo' as greatest film of all time

After 50 years of holding the title Greatest Film of All Time, "Citizen Kane" has been bumped down to No. 2 on the list by Alfred Hitchcock's "Vertigo." The results were announced Wednesday (Aug. 1) by Sight & Sound in its once-a-decade poll of the world's greatest films.

Orson Welles' 1941 movie about the financial rise and ultimate moral fall of a newspaper mogul -- Charles Foster Kane -- loosely based on real-life newspaper magnate William Randolph Hearst. It's influence can be felt in everything from current cinema to "The Simpsons."

PHOTO GALLERY: 2012 Summer Movie Guide

"Vertigo" -- Hitchcock's 1958 psychological thriller starring Jimmy Stewart and Kim Novak -- has long been considered one of the director's best films. In 1989, the movie was recognized as a "culturally, historically and aesthetically significant" by the Library of Congress.

The full list released by Sight & Sound:

1. "Vertigo"
2. "Citizen Kane"
3. "Tokyo Story"
4. "The Rules of the Game"
5. "Sunrise"
6. "2001: A Space Odyssey"
7. "The Searchers"
8. "Man With a Movie Camera"
9. "The Passion of Joan of Arc"
10. "8 1/2"