The 49th Academy Awards were presented Monday, March 28, 1977, at the Dorothy Chandler Pavilion in Los Angeles, California, hosted by Richard Pryor, Ellen Burstyn, Jane Fonda, and Warren Beatty.

Both Network and All the President's Men won four Oscars, the most of the evening, but lost Best Picture and Best Director, as well as Best Editing, to Rocky.

With only five minutes and two seconds of screentime, Beatrice Straight set a record for the shortest performance ever to win an acting Oscar (Best Supporting Actress).

Paddy Chayefsky won his third solo writing Oscar for Network, a record that remains to this day.

Sylvester Stallone became the first person since Orson Welles to receive nominations for writing and acting for the same film (Rocky), losing in both categories to Network.