12/26/2008 05:12 am ET Updated May 25, 2011

Vanity Fair Oscar Party Will Go On, Despite Economy

After a year without Vanity Fair's legendary Oscar bash, due to the writer's strike, no economic crisis can get in the way of this year's. Graydon Carter announced Tuesday that the magazine's annual Academy Awards party will go on, albeit in a slightly scaled-back manner:

Vanity Fair will hold its annual Oscar Night party at the Sunset Tower Hotel on February 22, 2009. The party will be a much more intimate affair than in years past; we're going to scale back the guest list considerably. We'll celebrate Hollywood's big night the way we did when we first threw the party 15 years ago -- it will be a cozier, more understated event. And one with familiar décor -- given the current economy, and our dedication to the green movement, we will be recycling many of the elements of years past. We also look forward to working with Jeff Klein, who owns the Sunset Tower (and is my partner in another venture), in making next year's Oscar party a memorable one.

Vanity Fair's parent company, Condé Nast, recently canceled its annual holiday luncheon at New York's Four Seasons restaurant, citing the rough economy. The company has also scaled back publication of Portfolio and Men's Vogue. Vanity Fair in particular, a recent industry report revealed, was the fashion magazine hardest hit by the economic crisis.