The nation’s economic crisis is hitting the publishing industry in a big way. Vanity Fair Magazine has just announced that it’s holding its annual star-studded Oscar Night party at the Sunset Tower Hotel on February 22, 2009, but this year’s event will have a slightly “cozier” feel than years past, says VF editor Graydon Carter.

“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 decor—given the current economy, and our dedication to the green movement, we will be recycling many of the elements of years past.”