British News Agency

The Academy of Motion Picture Arts and Sciences announced on Wednesday that YouTube has signed a “multi-year agreement” for the “global exclusive broadcast rights of the Oscars.”

The agreement will remain in effect until 2033.

This deal highlights a massive shift of power in the media industry, which has been upended by digital platforms such as YouTube and Netflix.

ABC, owned by Disney, has been the broadcaster of the Oscars for decades. The network will continue to air the awards ceremony through 2028.

In recent weeks, the Academy had put future broadcast rights up for auction, fueling speculation that a new major technology company could step in as the buyer.

YouTube outbid ABC and other contenders, though details were not immediately disclosed.

In a statement, YouTube CEO Neal Mohan said, “The Oscars are one of our most important cultural institutions, honoring excellence in storytelling and artistic talent. Partnering with the Academy to bring this celebration of art and entertainment to audiences around the world will inspire a new generation of creators and film lovers, while remaining true to the Oscars’ storied legacy.”