Paul Thomas Anderson’s *One Battle After Another* dominated the 98th Academy Awards with six Oscars, including Best Picture and Best Director, ending his 28-year nomination streak. The auteur’s adapted screenplay victory marked his third statuette, while Sean Penn’s posthumous Best Supporting Actor win honored the film’s ensemble. Warner Bros. celebrated a historic night, with both *One Battle* ($210M global) and *Sinners* ($369M) reflecting its gamble on original epics amid industry consolidation.

Warner Bros. faces an uncertain future as Paramount Skydance’s $15.5B acquisition bid looms, signaling a potential end to its standalone studio era. Meanwhile, indie films like A24’s *Marty Supreme* and international entries *The Secret Agent* and *Bugonia* left empty-handed despite critical acclaim, underscoring voter preference for studio-backed blockbusters.

Jessie Buckley’s Best Actress win for *Hamnet* completed her awards season sweep, while Autumn Durald Arkapaw made history as the first woman to win Best Cinematography for *Sinners*. The ceremony also saw casting director Cassandra Kulukundis break barriers with the first-ever Best Casting Award for *One Battle*, though Francine Maisler’s *Sinners* nod sparked controversy.

Conan O’Brien’s hosting drew laughs with a *Weapons*-inspired monologue, while documentaries like *Mr. Nobody Against Putin* and *All the Empty Rooms* highlighted geopolitical tensions. The night concluded with a rare tie in the Best Live-Action Short category, marred by technical glitches during acceptance speeches.