On August 25th, 1939, "The Wizard of Oz" was released to theaters across the United States. Directed by Victor Fleming, the film was a massive technical undertaking for MGM, and is most famous for its transition from a sepia-toned Kansas to the vibrant Technicolor world of Oz - a reveal that remains one of the most iconic moments in the "Golden Age" of Hollywood. At a production budget of $2.8 million (about $60 million today), it was the most expensive MGM production in history at the time. Despite its revolutionary technical effects, the film was not a financial success during its initial 1939 theatrical run, grossing only about $3 million, which barely covered production and promotion costs. When it was re-released in 1949, and it began to air annually on television in 1956, the film became a profitable, multi-generational phenomenon. "The Wizard of Oz" won the Academy Awards for Best Original Song (for "Over the Rainbow") and for Best Original Score, but famously lost the Best Picture award to "Gone with the Wind".
