Recession? Strike? Party!

The magazine industry may be suffering the worst ad-page cutback in publishing history, and sales are down across-the-board.

Heck, there may not even be an Oscar ceremony if the actors go on strike and threaten to picket the big bash. That's what downsized the Golden Globes last year when the writers went out.

But Vanity Fair magazine is going ahead anyway with plans to host an annual Oscar Night Party at the Sunset Tower Hotel.

The party on February 22, 2009, "will be a much more intimate affair than in years past," according to Editor Graydon Carter. "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 decor--given the current economy, and our dedication to the green movement, we will be recycling many of the elements of years past."

Wow. Hope our invite's already in the mail.