Original sentence: The Academy Awards, also known as the Oscars, are a set of 24 awards for artistic and technical merit in the American film industry, given annually by the Academy of Motion Picture Arts and Sciences (AMPAS), to recognize excellence in cinematic achievements as assessed by the Academy's voting membership
Edited sentence: The Academy Awards, also known as the Oscars, are the most important and prestigious awards of the world cinema set of 24 awards for artistic and technical merit in the American film industry, given annually by the Academy of Motion Picture Arts and Sciences (AMPAS), to recognize excellence in cinematic achievements as assessed by the Academy's voting membership