Weinstein Co’s The King’s Speech bagged the highest motion picture award for its his tale of how King George VI overcame his speech impediment during the 22nd annual Producers Guild Awards ceremony on Saturday.

The historical drama headlines Colin Firth as the king, Geoffrey Rush as speech therapist Lionel Logue and Helena Bonham Carter as the king’s wife Elizabeth. The Tom Hooper-directed film also won the 2010 Toronto International Film Festival People's Choice Award.

The King's Speech and The Social Network are the two films vying for top accolades during awards season. The Social Network has already begun its winning streak, bagging the best film honors from the Critics Choice Awards and the Golden Globe Awards.

The PGA awards are considered a reliable of indicator of who the top winners will be come Oscar season. So far, about 60 percent of the time, a PGA award winner usually also ends up winning an Oscar.

The PGA's Producer of the Year Award was given to went to The King's Speech producers Iain Canning, Emile Sherman and Gareth Unwin.

"We've just been overwhelmed by the way audiences have responded to this film around the world," Sherman said during his acceptance speech.

The film topped the box office in the United Kingdom and Ireland making £3.5 million during its opening weekend.