In the 1960s, Warner kept pace with rapid changes in the industry and played a key role in developing films that were commercial and critical successes. In February 1962, he purchased the film rights for the Broadway musical "My Fair Lady", paying an unprecedented $6.5 million. The previous owner, CBS director William S. Paley, set terms that included 50 percent of the distributor's gross profits "plus ownership of the negative at the end of the contract." Despite the "outrageous" purchase price, and the ungenerous terms of the contract, the deal proved lucrative for Warner Bros., securing the studio $12 million in profits. Warner was criticized for choosing a non-singing star, Audrey Hepburn, to play the leading role of Eliza Doolittle; indeed, the 1964 Academy Award for Best Actress went to Julie Andrews, who had played Eliza in both the Broadway and London productions of the musical, for "Mary Poppins", while Hepburn wasn't even nominated. However, the film won the Best Picture Oscar for 1964.