Sky will not air the Oscars in the UK and Ireland next year, ending the broadcaster's 20-year transmission of the prestigious ceremony.

Hollywood's biggest night has aired on Sky every year since 2004, prior to which the rights had been held by the BBC.

Sky traditionally broadcast the ceremony on one of its premium Sky Cinema channels but last year opened it up to a free-to-air audience with a simulcast on the Sky Arts and Sky Showcase channels.

According to Variety, Sky has opted not to renew its deal for 2024 however, with the cost-to-ratings ratio thought to be a determining factor in the decision.

An announcement on a new broadcaster is expected soon, with possible contenders including ITV, Channel 4 and Disney+.