The Oscars is likely to create jobs for about 7,000 people. It will also generate more than $130 million in spending.
ABC is expected to generate more than $80 million from selling advertising on the network.
And, the show is expected to cost the Academy of Motion Picture Arts and sciences about $30 million to produce.
This year's Oscar ceremony is set to air live on ABC7 from the Kodak Theatre in Los Angeles on Feb. 27, 2011. Check out a full list of Oscar nominations.
ABC7 and OnTheRedCarpet.com are your news sources for Oscars coverage. Live coverage from the Oscar red carpet begins at 2 p.m. PT. "On The Red Carpet at the Oscars" broadcasts LIVE on ABC7. We're also streaming the show online and on the free On The Red Carpet iPad app, available now in iTunes.
When the last awards have been given out, watch continuing coverage of the Governor's Ball and all the Oscar night parties as "On The Red Carpet at the Oscars" broadcasts LIVE on on ABC7. We're also streaming the show online and on the iPad app.
Then live reports from the post-Oscar parties and on Eyewitness News at 11 p.m. And Jimmy Kimmel is doing a special Oscar show at 11:35 p.m.