In this lauded satire, veteran news anchorman Howard Beale (Peter Finch) discovers that he's being put out to pasture, and he's none too happy about it. After threatening to shoot himself on live television, instead he launches into an angry televised rant, which turns out to be a huge ratings boost for the UBS network. This stunt allows ambitious producer Diana Christensen (Faye Dunaway) to develop even more outrageous programming, a concept that she takes to unsettling extremes.

At the 49th Academy Awards, it received ten nominations, including Best Picture, and won four: Best Actor for Finch (posthumously), Best Actress for Dunaway, Best Supporting Actress for Straight, and Best Original Screenplay for Chayefsky.

In 2000, Network was selected for preservation in the National Film Registry by the Library of Congress as being "culturally, historically, or aesthetically significant". In 2002, it was inducted into the Producers Guild of America Hall of Fame as a film that has "set an enduring standard for American entertainment". In 2005 the Writers Guild of America voted Chayefsky's screenplay one of the 10 greatest in history. In 2007, the film was 64th among the 100 greatest American films as chosen by the American Film Institute.