The Academy Awards could soon be looking for a new television home over a disagreement with the Walt Disney Company about the value of its broadcast rights, according to a report.
The Academy of Motion Picture Arts and Sciences has held information discussions with streaming giant Netflix about televising the Oscars after it reached an impasse with ABC parent Disney over what it should pay to extend its current rights agreement, according to Bloomberg News.
The current deal, which is valued at over $100 million per year, is one Disney is hesitant to increase, while the Academy is pushing for a significant raise, according to the report.
The impasse has prompted the Academy to test the market for alternative partners, signaling a potentially historic shift in Oscar broadcasting.
The awards show has aired on ABC continuously since the 1970s.
Though formal negotiations with other platforms have not yet begun, the Academy has put out feelers with potential suitors, including Netflix, which boasts more than 300 million paid subscribers worldwide.
Other major players such as Amazon, Comcast’s NBCUniversal, and Paramount Global could also be in the mix, each presenting unique advantages and challenges, according to Bloomberg News.
Streaming platforms have embraced live awards shows in recent years — making them viable alternatives to traditional broadcasters.
Netflix, which already airs the Screen Actors Guild Awards, boasts a massive global audience and strong financial backing.
Netflix co-CEO Ted Sarandos is a board member of the Academy’s Los Angeles Museum, adding a layer of familiarity to any potential deal.
However, the company’s reluctance to prioritize theatrical releases has long been a point of contention in the film industry, which could impact its chances of landing the Oscars, according to Bloomberg News.
Amazon, which bought the rights to broadcast the Academy of Country Music Awards, is another potential bidder.
Unlike Netflix, Amazon has demonstrated a stronger commitment to theatrical releases, making it a more acceptable partner for Hollywood purists.
However, its role as a tech giant that has disrupted traditional media business models could make negotiations complex.
Comcast’s NBCUniversal presents yet another possibility. NBC could provide the Academy with a prominent television presence, while its streaming service, Peacock, offers digital expansion.
However, Peacock’s limited reach compared to Netflix and Amazon may put it at a disadvantage.
Meanwhile, Paramount, which recently declined to pony up more money to keep the rights to the Grammy Awards, appears unlikely to make a significant bid for the Oscars unless incoming CEO David Ellison decides to make a bold strategic move.
CBS, a Paramount subsidiary, was the longtime home of the Grammys. Disney, however, won the rights to air the show — securing a 10-year deal that begins in 2027.
While still the most-watched awards show in the US, drawing nearly 20 million viewers last year, its audience has declined by more than 60% from its peak in the 1990s.
Several factors contribute to this trend, including shifting consumer habits, the rise of social media and the shift away from honoring major box-office hits in favor of smaller, critically acclaimed films.
Despite declining viewership, the Academy sees an opportunity to expand its global reach. This time, it is offering international rights as part of its deal, hoping to secure a partner that can help grow its audience beyond the US market.
Netflix and Amazon, with their worldwide user bases, are well-positioned to support such an expansion.
However, whether they are willing to meet the Academy’s financial expectations remains to be seen.
The Post has sought comment from Disney, Netflix, Amazon, NBCUniversal, Paramount and the Academy.
