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| 16 May (banquet) |
| Douglas Fairbanks; William C. de Mille |
| Blossom Room, Hollywood Roosevelt Hotel, Los Angeles, California, USA |
| - The awards are given for films released between 1 August 1927 and 1 August 1928.
- Award winners are announced three months in advance of the banquet.
- All nominees receive 'Honorable Mention' certificates.
- The attendance is 250 and tickets cost USD 10.
- For the only time, separate awards for Best Picture are given - for "Production" and "Unique and Artistic Picture." Separate awards are also given in directing, for comedy and drama.
- For the only time, an award is given for Title Writing - a field which became obsolete with the advent of synchronized sound films.
- Up to at least 1975 The Last Command (1928) and The Way of All Flesh (1927) were officially listed as nominees in the category "Best Picture, Production" by AMPAS and are listed as such in many contemporary sources. Recent AMPAS listings do not carry those two titles any longer.
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| | Awarded to: | | | - The Circus (1928) - Charles Chaplin
- For versatility and genius in acting, writing, directing and producing The Circus. - Though nominated for best actor, the academy decided to remove Chaplin's name from the competitive classes and instead award him a Special Award.
- The Jazz Singer (1927) - Warner Bros.
- For producing The Jazz Singer, the pioneer outstanding talking picture, which has revolutionized the industry.
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