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Graydon Carter says Vanity Fair plans to go ahead with its annual Oscar party, but "the party will be a much more intimate affair than in years past; we're going to scale back the guest list considerably." [DH]
♦ No replacement is planned for Alan Colmes: Fox News plans to have Sean Hannity serve as solo host of the nightly show. [NYT]
♦ Ted Koppel is parting ways with the Discovery Channel. [NYT]
♦ Looks like OK! has been cutting back on copy editors. The cover of the new issue misspells Ashlee Simpson's name. [HuffPo]

♦ Things aren't looking up for Sumner Redstone. The Viacom/CBS mogul may be forced to sell the family's 1,500-screen theater chain to pay off debts. [NYT]
♦ Houghton Mifflin says it plans to stop acquiring new books "until further notice." [WSJ]
♦ The average person in the U.S. watches 142 hours of TV a month, which is up 4 percent from last year. [THR]
♦ Time Inc. CEO Ann Moore is busy firing staffers, but that isn't stopping the industry from giving her a lifetime achievement award in January. [AdAge]
♦ The last episode of The Shield airs tonight. [NYP]
♦ How is Madison Avenue capitalizing on the economic crisis? By offering lots of sweepstakes and cash giveaways. [NYT]
♦ Laura Bush has confirmed that she is, in fact, shopping a book proposal. [AP]