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Vanity Fair's Oscar Party Cancelled

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Vanity Fair's Oscar Party Cancelled

LOS ANGELES (CBS) ― The annual star-studded Vanity Fair post-Oscar party was cancelled Tuesday, the latest casualty of the Writers Guild of America strike.

In a statement posted on the magazine's Web site, organizers said they did not believe it would "appropriate" to hold the extravaganza given the strike that has slowed Hollywood production to a crawl since November.

"After much consideration, and in support of the writers and everyone else affected by this strike, we have decided that this is not the appropriate year to hold our annual Oscar party," the statement said. "We want to congratulate all of this year's nominees and we look forward to hosting our 15th Oscar party next year."

The cancellation came despite reports that significant progress was being made in negotiations between the Writers Guild of America and the Alliance of Motion Picture and Television Producers, and a settlement was possible in the next several days.

It's still not clear whether the actual Feb. 24 Oscar ceremony will be held as usual. Producers say the show will go on, although two shows are being planned – the usual star-studded, red-carpet affair and a modified, scaled-down version in the event the strike prevents the nominees from attending.

The Vanity Fair party was held at the now-closed Morton's in Beverly Hills for the past 14 years. It was expected to move to Craft in Century City this year.

(© 2008 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Wire services contributed to this report.)