Eric Charbonneau/Invision for Warner Bros. Home Entertainment/AP Images
Exact details of the honor are being kept under wraps, but audiences can no doubt expect a montage, and perhaps a musical tribute, hailing the 1939 classic. "Oz" was nominated for six Academy Awards, taking home statuettes for Best Original Song ("Somewhere Over the Rainbow") and Best Original Score. It lost the Best Picture Oscar to "Gone With the Wind."
"We are delighted to celebrate the birthday of one of the most beloved movies of all time at this year's Oscars," said telecast producers Craig Zadan and Neil Meron in a statement.
The Academy Awards will take place on March 2. The show will be broadcast by ABC.