<P> This Academy Awards ceremony is notable for Peter Finch becoming the first posthumous winner of an Oscar for acting , a feat matched only by fellow Australian Heath Ledger 32 years later ; Finch had suffered a fatal heart attack in mid-January . Beatrice Straight set another record by becoming the actor with the shortest performance ever in a film to win an acting Oscar , with only five minutes and two seconds of screen - time in Network . Network , along with All the President 's Men , were the two biggest champs of the ceremony with four Oscars each , but Best Picture and Best Director ultimately went to Rocky . </P>
who won the oscar for best picture in 1976
Rocky