"This contract ensures that the Oscar show will be an ABC tradition for 45 consecutive years," Sherak said in a statement. "ABC is absolutely the very best place for the Academy Awards, a television event that is beloved and watched by millions of movie lovers all over the world."
Sweeney noted the Oscars festivities have been carried by ABC for a total of 46 years, so we're thrilled to announce that this tradition will continue."
"During that time, we've enjoyed a tremendous partnership with the academy, pairing the best in movies with the best in television, and look forward to a long and successful collaboration in the years to come," he added.
Swim Week Miami Beach 2014 [PHOTOS]