TLDR
- Warner Bros. Discovery secured 11 Academy Awards at the 98th Oscars ceremony, with One Battle After Another claiming Best Picture
- Michael B. Jordan earned Best Actor honors for Sinners, which collected four total awards
- Paramount finalized an agreement to acquire Warner Bros. Discovery for $81 billion last month, outbidding Netflix
- The studio division’s adjusted EBITDA jumped 54% to $2.55 billion in the previous year
- Shares of WBD climbed 0.5% to $27.27 premarket; Paramount (PSKY) advanced 0.2% to $9.74
Warner Bros. Discovery emerged as Hollywood’s biggest winner Sunday evening, claiming 11 Academy Awards at the 98th Oscars ceremony. The triumph arrives during a transitional period — just weeks remain before Paramount Skydance completes its acquisition of the studio.
Warner Bros. Discovery, Inc., WBD
Paul Thomas Anderson’s One Battle After Another dominated the evening with six Oscars, securing Best Picture, Best Director, and Best Supporting Actor among its wins. The dystopian tale of violent American resistance clearly resonated with Academy voters.
Sinners added four more trophies to Warner’s haul. Michael B. Jordan captured Best Actor for his dual role as twin brothers, acknowledging Warner Bros. in his acceptance speech for “betting on original ideas and artistry.”
Amy Madigan earned Best Supporting Actress for Weapons, another Warner production. Three releases, 11 total victories — Warner Bros. dominated the night.
Last month, Paramount CEO David Ellison finalized an agreement to acquire Warner Bros. Discovery in an $81 billion transaction. Ellison, supported financially by his father Larry Ellison — Oracle’s co-founder — prevailed over Netflix in an extended bidding competition.
The merger will unite two major Hollywood powerhouses. Paramount projects $6 billion in cost synergies from the combination. Ellison has committed to producing 30 theatrical releases annually, distributed equally between both studio brands.
Strong Studio Performance Attracted Paramount’s Bid
Warner’s studio operations generated adjusted EBITDA of $2.55 billion in the prior year — representing a 54% increase. Key drivers included Sinners, A Minecraft Movie, and Superman.
In 2026 thus far, Warner’s Wuthering Heights and Paramount’s Scream 7 rank among box-office leaders. The commercial success continues unabated.
While Oscar victories rarely generate immediate financial returns for studios, they typically boost streaming viewership as audiences seek out award-winning content.
Competing Studios’ Oscar Performance
Netflix collected seven Academy Awards. Guillermo del Toro’s Frankenstein captured three trophies in hair and makeup, production design, and costume design. The streaming giant also won Best Animated Feature for KPop Demon Hunters.
NBCUniversal’s Focus Features division earned Best Actress for Jessie Buckley’s performance in Hamnet. A24’s Marty Supreme entered with nine nominations — Best Picture included — but failed to win any awards.
Disney’s 20th Century Studios claimed one Oscar for visual effects work on Avatar: Fire and Ash. Apple secured Best Sound.
WBD shares traded 0.5% higher at $27.27 in Monday’s premarket session. Paramount gained 0.2% to $9.74.
