Can anything fix the Oscars?

CHICAGO - JANUARY 23: Oscar statuettes are displayed during an unveiling of the 50 Oscar statuettes to be awarded at the 76th Academy Awards ceremony January 23, 2004 at the Museum of Science and Industry in Chicago, Illinois. The statuettes are made in Chicago by R.S. Owens and Company. (Photo by Tim Boyle/Getty Images)

Can anything fix the Oscars?

The Academy Awards - once premium viewing for tens of millions of people - is in danger of slipping into irrelevancy. CNN's Frank Pallotta speaks with Variety's Tim Gray about what the Academy can do to fix the awards show.

02:58 - Source: CNN Business

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CHICAGO - JANUARY 23: Oscar statuettes are displayed during an unveiling of the 50 Oscar statuettes to be awarded at the 76th Academy Awards ceremony January 23, 2004 at the Museum of Science and Industry in Chicago, Illinois. The statuettes are made in Chicago by R.S. Owens and Company. (Photo by Tim Boyle/Getty Images)

Can anything fix the Oscars?

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