The highly anticipated 2014 Oscars will take place tonight, March 2, at the Dolby Theater in Hollywood.

The 86th Annual Academy Awards will air at 8.30 p.m. ET on ABC.

Who will be taking home the coveted statuettes? Actresses up for Best Actress in a Leading Role are Amy Adams, Sandra Bullocks, Cate Blanchett, Judi Dench and Meryl Streep. Actors up for Actor in a Leading Role are Christian Bale, Leonardo DiCaprio, Matthew McConaughey, Bruce Dern and Chiwetel Ejiofor.

Both "American Hustle" and "Gravity" lead the nominations with 10 nods each.

For the first time, the Oscars will be streamed live by ABC. The award show can be viewed online and via mobile devices.

The Academy Awards will be available to watch through WATCH ABC, which is available for subscribers to Comcast, Cablevision, Cox Communications, Charter Communications, Midcontinent Communications, Verizion FiOS, Google Fiber or AT&T U-Verse.

The WATCH ABC app lets viewers watch the show across all mobile platforms - iPad, iPhone, and Android devices and can be downloaded here. 

Prior to the award show, the stars will be stepping out and arriving on the red carpet.

See below for complete red carpet coverage details:

Red carpet coverage will be provided by multiple outlets, including MTV, E!Online, and ABC.

ABC will be hosting its exclusive Oscars Red Carpet Live! from 7 p.m. ET on its primetime channel. The red carpet coverage will be followed by the 86th Annual Academy Award on ABC at 8.30 p.m. ET.

MTV will be collaborating with VH1 and LOGO TV to provie its own red carpet coverage from 5.00 to 7.30 p.m. ET. The complete red carpet coverage, including interviews, will be available to view on at MTV.com, VH1.com and LogoTV.com.

E! Online will be offering a live stream of its red carpet coverage with hosts Catt Sadler and Jesse Gidlings from 5.25 p.m. ET.

E! will also air its "Live From the Red Carpet at the Oscars" on its cable channel at 1:30 p.m. ET.