In Hollywood, the red carpet is rolled out, the champagne is on ice and the limousines are waiting. Yes, it's Oscar time.

Now we are watching the 83rd Academy Awards, presented by the Academy of Motion Picture Arts and Sciences at the Kodak Theatre in Hollywood.

Tonight will honor the best films of 2010. Actor James Franco and Anne Hathaway are to co-host the ceremony, marking the first time for a man and woman have presided over the Oscars.

"The King's Speech" and the Facebook film "The Social Network" are widely considered front-runners for best movie. Best actress and actor nominees include Nicole Kidman, Natalie Portman, Javier Bardem and Colin Firth.

More than 20 awards will be given out in the next three hours. Producers say the ceremony is meant to connect movie fans to the Hollywood of old, while also giving a nod to the future of web cams and Twitter feeds.