I was thinking about the oscars. At one point in time it was a much see program that garnered good ratings. The last telecast was dismal.
First off, seeing the 'stars' isnt a real big draw anymore, E channel, TV Guide channel, Reelz, are all dedicated 24hours to the 'stars'. All the news outlets carry Entertainment info. Not to mention the scores of magazines and websites out there dishing out info on any celeb you can name.
Second, few people care about anything beyond Best picture, Best Actor, Best Actress, and ocsar count. So having two hours to find out something that will be news saturated the next day.
Third, the Academy appears to get it wrong Alfred Hitchcock being up six times and never getting one for directing. Citizen Kane loosing to 'How Green is my Valley"? The original King Kong not being nominated for anything, Peter O Toole nominated 7 win's zero. (Short list btw).
Personally I think the old time media outlets are due for retirement. The obvious bias, incorrect reporting, trivializing need for flash over substance is driving them into the muck end of things.
As for the Oscars, stop making it a show and just have it a ceremony and let the various networks cover how they want.