Today in History: The first Oscars are held in Hollywood

On this day in 1929, the Academy of Motion Picture Arts and Sciences hands out its first awards, at a dinner party for around 250 people held in the Blossom Room of the Roosevelt Hotel in Hollywood, California.

The brainchild of Louis B. Mayer, head of the powerful MGM film studio, the Academy was organized in May 1927 as a non-profit organization dedicated to the advancement and improvement of the film industry.

Its first president and the host of the May 1929 ceremony was the actor Douglas Fairbanks, Sr. Unlike today, the winners of the first Oscars-as the coveted gold-plated statuettes later became known-were announced before the awards ceremony itself.

Source: History channel