Amazon beat out streaming rival Netflix as the first major streaming company to be nominated for best picture on Tuesday. Amazon-owned Manchester by the Sea was nominated for six Academy Awards, including best picture, and The Salesman, an Amazon-owned foreign film, received one.

It's unprecedented: Amazon only launched their movies business a year ago, and already they are outbidding major studio competitors for content and winning major awards. The retail giant purchased rights to Manchester by the Sea for $10 million at Sundance last year, outbidding the likes of Fox Searchlight and Universal. This year, they have already made the largest acquisition at Sundance with $12 million comedy film The Big Sick.

Why to watch: Amazon and Netflix have both made major investments in content, but Bezos' box office success and critical acclaim are inching him ahead of Reed Hastings. Amazon's success can likely be attributed to their distribution strategy. The tech giant released Manchester by the Sea to box offices and made nearly $39 million dollars, while Netflix released Beasts of No Nation online in tandem with theaters, making an abysmal $91,000 in the box office.

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Trump's new TikTok threat

Photo illustration: Aïda Amer/Axios. Photo: Jim Watson/AFP via Getty Images

President Trump said twice Monday that the U.S. Treasury would need to get a portion of the sale price of TikTok, as a condition of regulatory approval.

Why it matters: This is akin to extortion — the sort of thing you'd expect to hear on a wiretap, not from the White House in front of reporters.

Ford names James Farley as new CEO amid ongoing turnaround effort

James Hackett, left, is retiring as Ford CEO. Jim Farley, right, takes over Oct. 1. Photo: Ford

Ford announced Tuesday that James Farley will take over as its next CEO, replacing James Hackett, 65, who is retiring after three years in the job.

Why it matters: It leaves Farley to complete the company's ongoing turnaround effort. The transition will be that much harder as the industry tries to navigate the coronavirus-induced economic slowdown which shuttered Ford plants for two months on the eve of some of its most important vehicle launches.

Updated 4 hours ago - Politics & Policy

Watch the full "Axios on HBO" interview with President Trump

In this episode of “Axios on HBO”, President Trump discusses his handling of the coronavirus pandemic, the upcoming election and much more with National Political Correspondent Jonathan Swan.

The interview was filmed on Tuesday, July 28 and aired Monday, Aug. 3 on HBO.