LOS ANGELES—“Parasite” dominated the 92nd Academy Awards thanks in large part to the financial backing of a nearly seven-decade-old conglomerate that is little known in the U.S. but looms large in the South Korea media-and-entertainment business.

Speaking onstage at Hollywood’s Dolby Theatre on Sunday night, CJ Group Vice Chairman Miky Lee, also the film’s executive producer, called winning the best-picture Oscar the realization of a dream that had at times seemed impossible.

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