The 1st Academy Awards ceremony, presented by the Academy of Motion Picture Arts and Sciences (AMPAS), honored the best films of 1927 and 1928 and took place on May 16, 1929 at a private dinner held at the Hollywood Roosevelt Hotel in Los Angeles, California. AMPAS president Douglas Fairbanks hosted the show. Tickets cost $5 (which would be $73 in 2018 considering inflation), 270 people attended the event and the presentation ceremony lasted 15 minutes. Awards were created by Louis B. Mayer, founder of Louis B. Mayer Pictures Corporation (at present merged into Metro-Goldwyn-Mayer). It is the only Academy Awards ceremony not to be broadcast either on radio or television. The radio broadcast was introduced the following year in 1930.