Key Highlights
- 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
- The $81 billion acquisition by Paramount was finalized last month after outbidding Netflix
- The studio division’s adjusted EBITDA jumped 54% to reach $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
The 98th Academy Awards proved to be a triumphant evening for Warner Bros. Discovery, which claimed 11 Oscar statuettes on Sunday night. However, this victory arrives during a transitional period — the entertainment giant will soon become part of Paramount Skydance within weeks.
Warner Bros. Discovery, Inc., WBD
Paul Thomas Anderson’s One Battle After Another dominated the ceremony with six awards, securing Best Picture, Best Director, and Best Supporting Actor among its wins. The film depicts violent uprising in a dystopian American landscape — a narrative that clearly resonated with Academy members.
Michael B. Jordan’s Sinners contributed an additional four awards to Warner’s haul. Jordan received the Best Actor trophy for portraying dual roles as twin brothers, delivering an acceptance speech that acknowledged Warner Bros. for “betting on original ideas and artistry.”
Amy Madigan secured Best Supporting Actress for her performance in Weapons, yet another Warner production. The studio’s three films combined for all 11 victories — representing total domination.
David Ellison, Paramount’s CEO, finalized an agreement last month to acquire Warner Bros. Discovery in an $81 billion transaction. With financial backing from his father Larry Ellison — Oracle’s co-founder — David prevailed over Netflix in an extended competitive bidding process.
This merger will unite two major Hollywood powerhouses. Paramount’s leadership projects $6 billion in operational cost reductions from the consolidation. Ellison has committed to producing 30 theatrical releases annually, distributed equally between both studios.
Strong Box Office Performance Attracted Buyer Interest
Last year saw Warner’s studio operations generate $2.55 billion in adjusted EBITDA — representing a substantial 54% increase. Major releases including Sinners, A Minecraft Movie, and Superman fueled this impressive growth.
In 2026 thus far, Warner’s Wuthering Heights alongside Paramount’s Scream 7 rank among box office leaders. This commercial success continues unabated.
While Oscar victories don’t typically generate immediate financial returns for studios, they often boost streaming viewership as audiences seek out award-winning content.
Competing Studios’ Oscar Results
Netflix collected seven Oscar trophies overall. Guillermo del Toro’s Frankenstein garnered three awards for hair and makeup, production design, and costume design. The streaming platform also claimed Best Animated Feature with KPop Demon Hunters.
Jessie Buckley won Best Actress for her Hamnet performance, produced by NBCUniversal’s Focus Features division. A24’s Marty Supreme entered the ceremony with nine nominations — Best Picture among them — yet departed without any wins.
Disney’s 20th Century Studios earned one Oscar for Avatar: Fire and Ash’s visual effects work. Apple claimed the Best Sound category.
Monday’s premarket session showed WBD shares trading up 0.5% at $27.27. Paramount stock increased 0.2% to reach $9.74.
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