The term TONY OR OSCAR is an AWARD given to recognize excellence in the performing arts. It is a combination of two awards, the Tony AWARD and the Academy AWARD (Oscar). The Tony AWARD is presented annually by the American Theatre Wing and The Broadway League to recognize excellence in Broadway theatre. The Academy AWARD is presented annually by the Academy of Motion Picture Arts and Sciences to recognize excellence in film. Both awards are considered to be among the most prestigious awards in their respective fields.