2014 Oscar News

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·Senior Correspondent, Yahoo Entertainment
(Fox Searchlight/Warner Bros.)
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Come back to this page for continual updates throughout the night.

The 86th annual Academy Awards are underway and the first big winner of the night was Jared Leto, who snagged the Oscar for Best Supporting Actor for his performance as Rayon, Ron Woodroof's transvestite business partner and confidante in "Dallas Buyers Club."

Leto returned to the screen after a 6-year hiatus with his fierce and completely transformative performance. He beat out Bradley Cooper ("American Hustle") Michael Fassbender ("12 Years a Slave"), "Barkhad Abdi ("Captain Phillips"), and Jonah Hill in "The Wolf of Wall Street."

[Related: 2014 Oscars Live Blog]

Leto also scores points for dedicating the first part of his acceptance speech to his mother. We have to say, we're rather impressed with this new bright-eyed and super-sensitive version of the guy who played a thuggish burglar in David Fincher's "Panic Room" just a mere, uh, 12 years ago.

The night opened with a bang with host Ellen DeGeneres' opening monologue, which acknowledged L.A.'s rather bizarre recent rainy weather ("Thank you for your prayers") and featured some playful pokes at the Hollywood elite that made up the audience, including pointing out the general lack of college graduates in the room and reminding Jennifer Lawrence of her now-infamous tripping as she walked up the stairs to accept her Best Actress Oscar last year (a 'stunt' J.Law recreated as she got out of the car upon arriving at the red carpet this year).

[Related: 2014 Oscars Live Blog]