Updated Feb 10, 2020 - World

"Parasite" makes history with Oscars win

Director Bong Joon-ho accepting an Oscar for "Parasite" onstage during the 92nd Academy Awards. Photo by Kevin Winter/Getty Images

"Parasite" won the top award at the Oscars on Sunday night — becoming the first foreign language film to do so in the 92-year history of the Academy Awards.

Why it matters: It's a historic moment for the entertainment industry, which has been criticized for its lack of diversity on and off the screen.

  • It also represents a small win for the traditional movie model. "Parasite" was released conventionally in theaters by a movie studio, not via a streaming company.

Details: The film also took home awards for best director, original screenplay and international feature.

  • The acceptance speeches by "Parasite" director Bong Joon-ho reinforced the diversity being celebrated, as the director gave most of his speeches through a translator.

Yes, but: The Oscars were otherwise not as inclusive as critics would have liked.

  • All of the nominees for best director this year were for men, which caught the attention of activists, actors and filmmakers.
  • Natalie Portman arrived at the red carpet wearing the names of female directors who were neglected by the nomination process embroidered on her cape.

Other notable wins include:

  • Joaquin Phoenix won the award for best actor for his role in "Joker," which was the most heavily nominated film of the night.
  • Barack and Michelle Obama's production company Higher Ground Productions also took home its first Oscar win for "American Factory." The film, about the tensions in Dayton, Ohio, after a Chinese company opens up a glass plant there, won the award for best documentary feature.

The big picture: The multiple wins for "Parasite" come on the heels of an #OscarsSoWhite social media movement, which criticized the awards show for over-indexing on white, male actors and filmmakers.

Go deeper: Obama-produced "American Factory" wins Best Documentary Oscar

Editor's note: This article has been updated with new details throughout.

Go deeper

Obama-produced "American Factory" wins best documentary Oscar

Barack and Michelle Obama close the Obama Foundation Summit, Illinois Institute of Technology, Chicago, October 2018. Photo: Scott Olson/Getty Images

"American Factory," the first Netflix film produced by Barack and Michelle Obama's production company, Higher Ground, won an Oscar for best documentary feature Sunday.

What they're saying: The former president and first lady both tweeted their congratulations to filmmakers Julia Reichert and Steven Bognar, who directed the film, which documents what happened to an Ohio factory after it was reopened by a Chinese billionaire. "So glad to see their heart and honesty recognized — because the best stories are rarely tidy or perfect," Michelle Obama said. "But that's where the truth so often lies."

Go deeper: The Obamas and Netflix reveal details for 7 of their productions

"Parasite" studio CJ Entertainment buys into Hollywood

CEO of Skydance Media David Ellison (left) with Terminator actors on Oct. 23, 2019 in Beijing, China. Photo: VCG/VCG via Getty Images

Skydance Media, a Hollywood film studio whose franchises include Mission Impossible and Terminator, raised $275 million in new equity funding at around a $2.3 billion valuation. RedBird Capital Partners led, and was joined by South Korea's CJ Entertainment and return backer Tencent.

Why it matters: This comes just days after CJ Entertainment's Parasite became the first foreign-language film to win the Academy Award for best picture, and could help Skydance access a deep library of IP that hasn't yet been introduced to U.S. audiences.

Another win for sports at the Oscars

Director Carol Dysinger (left) and producer Elena Andreicheva. Photo: Mark Ralston/AFP via Getty Images

"Learning to Skateboard in a War Zone (If You're a Girl)," which tells the story of young Afghan girls in the war-torn city of Kabul, won Best Documentary (Short Subject) at last night's Academy Awards.

Why it matters: This continues a remarkable run for sports-centric documentaries at the Oscars, with "O.J. Made in America" winning Best Documentary in 2016, "Icarus" winning in 2017 and "Free Solo" winning last year.

Go deeperArrowFeb 10, 2020 - Sports