Ahead of its acquisition by Paramount Skydance, Warner Bros. dominated the 2026 Oscars with 11 wins, led by Ryan Coogler’s *Sinners* and Paul Thomas Anderson’s *One Battle After Another*. The studio secured Best Picture (*One Battle After Another*), Best Director (Anderson), and Best Adapted Screenplay, while Autumn Durald Arkapaw made history as the first woman and woman of color to win Best Cinematography for *Sinners*. Michael B. Jordan claimed Best Actor, and Ryan Coogler won Best Original Screenplay.

Netflix placed seventh with seven awards, including Best Animated Feature and Best Original Song for *KPop Demon Hunters*, and Best Production Design and Best Costume Design for *Frankenstein*. The streaming giant also won Best Documentary Short Film (*All The Empty Rooms*) and Best Live Action Short Film (*The Singers*). Despite strong performances, streaming services were shut out of major categories, highlighting their growing influence in niche areas.

The 11-win haul marks Warner Bros.’ first Best Picture win since *Argo* in 2012, signaling its enduring impact on the industry. Meanwhile, the Paramount acquisition raises questions about the future of Warner Bros.’ creative direction and its role in shaping Hollywood’s landscape. As broadcast television declines—ABC’s 2026 Oscars will be its third-to-last broadcast before YouTube’s 2029 exclusive stream—the shift toward streaming platforms continues to redefine awards dynamics.

While Warner Bros. and Netflix celebrate their achievements, the Oscars’ evolving structure underscores the industry’s transformation. The Paramount deal and streaming dominance reflect broader trends, but the absence of major streaming wins in top categories suggests a lingering gap between traditional studios and digital platforms.