YouTube, which is owned by Google parent company Alphabet (GOOGL), has secured the rights to broadcast the Academy Awards that honor the movie industry starting in 2029.
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YouTube’s first broadcast will be the 101st Academy Awards, which are also known as the Oscars after the statuette that recipients receive. The Academy of Motion Picture Arts and Sciences, which manages the awards show, announced that it has signed a multiyear deal with YouTube that will see the streaming platform broadcast the annual ceremony from 2029 through to 2033.
The exclusive deal includes red carpet coverage, behind-the-scenes content, and access to the Governors Ball, in addition to the telecast that honors the best films produced in a given year. Alphabet said that coverage of the Academy Awards will be available to YouTube TV subscribers in the U.S. and free on YouTube for viewers elsewhere in the world.
Hollywood’s Big Night
“The Oscars are one of our essential cultural institutions, honoring excellence in storytelling and artistry,” said Neal Mohan, CEO of YouTube, in a news release. “Partnering with the Academy to bring this celebration of art and entertainment to viewers all over the world will inspire a new generation of creativity and film lovers while staying true to the Oscars’ storied legacy.”
The Academy of Motion Picture Arts and Sciences currently has a deal in place with Walt Disney Co. (DIS) to broadcast the Oscars on the ABC television network through 2028, which includes the 100th Academy Awards. The Academy said in its own written statement that the new YouTube partnership will “allow us to expand access to the work of the Academy to the largest worldwide audience possible…”
Is GOOGL Stock a Buy?
The stock of Alphabet has a consensus Strong Buy rating among 36 Wall Street analysts. That rating is based on 29 Buy and seven Hold recommendations issued in the last three months. The average GOOGL price target of $323.73 implies 9.10% upside from current levels.
