TLDR
- Warner Bros. Discovery captured 11 Academy Awards at the 98th Oscars ceremony, with One Battle After Another winning Best Picture
- Four Oscars went to Sinners; Michael B. Jordan secured Best Actor honors
- Last month, Paramount finalized an agreement to acquire Warner Bros. Discovery in an $81 billion transaction, outbidding Netflix
- The studio division at Warner recorded a 54% surge in adjusted EBITDA, reaching $2.55 billion in the previous year
- Shares of WBD climbed 0.5% to $27.27 during premarket hours; Paramount (PSKY) edged up 0.2% to $9.74
Sunday’s 98th Academy Awards ceremony belonged to Warner Bros. Discovery, which dominated the evening by collecting 11 Oscar statuettes. The triumphant night arrives during a transitional period, as the studio approaches its integration into Paramount Skydance within weeks.
Warner Bros. Discovery, Inc., WBD
Paul Thomas Anderson’s One Battle After Another emerged as the evening’s biggest winner, claiming six Oscars including the coveted Best Picture, Best Director, and Best Supporting Actor categories. The dystopian tale of violent rebellion in America resonated strongly with Academy members.
Four additional awards went to Sinners. Michael B. Jordan earned the Best Actor trophy for his dual performance as twin brothers, delivering an acceptance speech praising Warner Bros. for “betting on original ideas and artistry.”
Amy Madigan claimed Best Supporting Actress for her work in Weapons, yet another Warner production. The studio’s three nominated films combined for 11 victories — a remarkable achievement.
Last month, Paramount CEO David Ellison finalized an agreement to acquire Warner Bros. Discovery in an $81 billion deal. Supported by his father Larry Ellison — Oracle’s co-founder — David prevailed over Netflix in an extended competitive bidding process.
The transaction will unite two major Hollywood powerhouses. Paramount projects $6 billion in cost synergies from the consolidation. Ellison has committed to producing 30 theatrical releases annually, distributed equally between both studio brands.
Strong Studio Performance Motivated the Acquisition
Last year, Warner’s studio operations generated $2.55 billion in adjusted EBITDA — representing a 54% increase. Major contributors to this growth included Sinners, A Minecraft Movie, and Superman.
In 2026 thus far, Warner’s Wuthering Heights and Paramount’s Scream 7 rank among theatrical box office leaders. This positive trajectory continues unabated.
While Oscar victories rarely translate to immediate financial gains for studios, they frequently drive increased streaming viewership as audiences seek out award-winning content.
Academy Award Results for Other Studios
Netflix collected seven Oscar trophies. Guillermo del Toro’s Frankenstein garnered three awards for hair and makeup, production design, and costume design. The streamer also earned Best Animated Feature for KPop Demon Hunters.
NBCUniversal’s Focus Features division secured Best Actress for Jessie Buckley’s performance in Hamnet. A24’s Marty Supreme entered the ceremony with nine nominations — Best Picture among them — but left without any wins.
Disney’s 20th Century Studios earned one Oscar for visual effects on Avatar: Fire and Ash. Apple claimed Best Sound.
In Monday’s premarket session, WBD shares advanced 0.5% to $27.27. Paramount stock increased 0.2% to $9.74.
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