While news of this weekend's possible breakthrough in the talks to end the Writers Strike had everyone excited, here's a sobering reminder that until a deal is officially reached, Oscar night remains in jeopardy.

Today Vanity Fair magazine announced it was cancelling its annual Oscar party. Usually one of the biggest A-List affairs on Hollywood's biggest night, the VF party was supposed to be held at Craft, since the usual location -- Morton's -- has closed.

A statement on the magazine's website says: "After much consideration, and in support of the writers and everyone else affected by this strike, we have decided that this is not the appropriate year to hold our annual Oscar party. We want to congratulate all of this year’s nominees and we look forward to hosting our 15th Oscar party next year."

The latest word on the strike talks is that an agreement is this close to being reached, check out www.deadlinehollywooddaily.com's strike updates for all the details.

Better happen soon if the big, bloated, 45 minutes too-long Oscar ceremony we all love to watch is going to happen.