Hollywood Scales Back Parties

Don't expect all the usual trimmings on the Hollywood party circuit this holiday season.

Showbiz party planners have begun to scale back soirees as part of industrywide belt-tightening. Several congloms have cancelled their holiday bashes, while others are simply toning down the revelry. After-preem bashes are also being reassessed in this economy.

"It would be foolish if we weren't taking a look at it," one studio exec said.

However, scaling back preem parties is especially tricky for studios, which are bowing their biggest awards contenders in coming weeks. Number crunchers may not feel like celebrating right now, but studio execs maintain that it's in their best interest to give these pics a nice sendoff.

"We still need to make a splash," said one studio event planner. "We still need to make our filmmakers and talent happy."

Read more on Variety