Original sentence: After this news broke, the news media believed that Titanic would fail and take Fox and Paramount with it.The film was originally to be released on July 2, 1997, but post-production delays pushed back the film's release to December 19, 1997.Upon release however, the film turned out to be an enormous critical and commercial success, winning eleven Academy Awards, including Best Picture
Edited sentence: Upon its release, the film turned out to be an enormous critical and commercial success, winning eleven Academy Awards, including Best Picture