Warner Bros. won 11 Oscars in total, including Best Picture for "One Battle After Another" and Best Director for "Sinners". The deal will merge two of Hollywood's storied studios, marking a significant moment in Hollywood's history of consolidation amid increasing competition and pressure from streaming rivals. The prospect of consolidation has left the industry on edge as Paramount aims to achieve $6 billion in cost savings from the deal. The deal is seen as a significant step forward for the industry, with Ellison promising to deliver 30 films a year evenly split between Paramount and Warner Bros.