Hollywood's biggest night is underway as stars gather for the 98th Academy Awards under sunny 83-degree skies at the Dolby Theater. Conan O'Brien hosts the ceremony, where Elle Fanning and other A-listers navigated the 900-foot red carpet, while Detective Jerry Arrieta of the LAPD described the one-mile perimeter of street closures as having 'eyes everywhere.'

This year's ceremony comes at a pivotal moment for Hollywood, with the film industry bracing for layoffs as Warner Bros. and Paramount move forward with a $111 billion merger. The business is still recovering from pandemic-era streaming surges, with North American ticket sales reaching $8.9 billion last year - a 22 percent decline from 2019.

The awards themselves feature several tight races, particularly for best picture between Paul Thomas Anderson's politically charged 'One Battle After Another' and Ryan Coogler's record-breaking 'Sinners,' which received 16 nominations and major box office success. The ceremony also marks a first for casting directors, who will receive their own Oscar category, recognizing the craft behind films like 'Hamnet' and 'The Secret Agent.'