The 1936 Best Picture winner was M-G-M 's `` The Great Ziegfeld '' , starring William Powell as the master showman and co-starring Myrna Loy ( as Ziegfeld 's second wife Billie Burke ) , Luise Rainer ( as Anna Held , which won her an Academy Award for Best Actress ) , and Frank Morgan .
The 1936 Academy Award Best Picture winner was M-G-M 's `` The Great Ziegfeld '' , starring William Powell as the master showman and co-starring Myrna Loy ( as Ziegfeld 's second wife Billie Burke ) ,