Oscar countdown begins in Hollywood

It is Oscar week in Hollywood, and after three months in the dark winter of a bitter labor strike, the movie industry finally has something to celebrate -- itself.

This Sunday, the world's top film awards get under way with a full array of stars such as George Clooney and Cate Blanchett parading up the red carpet outside the Kodak Theatre where Academy Award nominees hope to be named best actor or actress.

Some 5,800 voting members of the Academy of Motion Picture Arts and Sciences will anoint one film as their favorite among nominees that include crime drama "No Country for Old Men" and teen pregnancy comedy "Juno."

With a fresh crew of writers, Oscar host Jon Stewart hopes to keep audiences laughing through the three-hour live telecast.