Initially, Faye Dunaway and Warren Beatty announced La La Land had been named the winner of the prestigious award, but it turned out Moonlight had actually won. The moment was incredibly shocking and awkward for everyone watching—in person or on TV—and PricewaterhouseCoopers continues to pay the price for its error.
"They should call themselves PricewaterhouseBloopers," Corden joked. When his punny joke failed, he said he had the wrong one. On cue, a writer ran out from the side and handed him another envelope. "The correct joke was: They should call themselves PricewaterhouseGoofers."
During Colbert's monologue, The Late Show host revealed what Beatty's card actually said. "Stall!!! We haven't finished watching Moonlight yet," the card read. "Whatever you do don't let Faye Dunaway say La La Land."
Beatty failed his mission, and Dunaway said the musical movie. After replaying it, Colbert joked, "It's like watching Titanic, but Titanic actually won Best Picture."
Colbert also noted that Moonlight's big win was overshadowed—a pattern for certain movies.
"It should've been a great moment for African Americans, but there's always a catch," Colbert noted. "Here's your Oscar but some white folks get to touch it first."
Redheaded host Conan chalked up the gaffe to the confusing content on the cards.
"Moonlight is not the film that didn't win Best Picture," the front said. "But La La Land is the film that did not lose for not being Best Picture."
We would've struggled with that, too.
Watch the hilarious videos to see how late-night TV handled the Oscars.