The Obie Award and the TONY Award are two of the most prestigious awards in the theatrical world. The Obie Award, which stands for 'Off-Broadway Theater Award, ' is presented annually by the American Theatre Wing and The Village Voice to recognize excellence in Off-Broadway theater. The TONY Award, which stands for 'Antoinette Perry Award, ' is presented annually by the American Theatre Wing and The Broadway League to recognize excellence in Broadway theater. Both awards are highly sought after and are seen as a mark of distinction for those who receive them.