South Korean director Bong Joon-ho's black comedy "Parasite" was named best picture at the 92nd Academy Awards, making history by becoming the first foreign-language film to win the most prestigious award handed out by the Academy of Motion Picture Arts and Sciences.

Speaking on behalf of Bong and the cast, co-producer Kwak Sin-ae said she feels history was in the making and it is very meaningful, symbolic and timely.

Kwak then expressed respect and gratitude towards the members of the academy for making such a decision.

"Parasite" beat out strong contenders including Sam Mendes' war epic "1917," Martin Scorsese's gangster film "The Irishman" and Quentin Tarantino's 1960s-era film "Once Upon a Time in Hollywood."

With Sunday's win, "Parasite" also became the second-ever recipient of the Palme d'Or prize at Cannes Film Festival to win best picture at the Oscars since American director Delbert Mann's 1955 romantic drama "Marty."

"Parasite" also won three Oscars in the categories of directing, international feature film and original screenplay.