From KCRW in Santa Monica, I'm Claude Brodesser Ackner, and this is The Business.

So you still want to do the show business, and you think that you got what it takes.

I mean, you really got a rap and be all at.

But prepare yourself for the brakes. Check it out.

What, you're in a play? I thought you said you were in show business.

This week on the business, the weird relationship between Hollywood and LA's legit stage.

Plus, even though they're not actors, directors can get typecast too.

But first, it's the Hollywood News Caravan.

Go nowhere, it's the business from KCRW.

With the economy hanging more limp than Hugh Heffner before Seallis, festivities in Hollywood

are being suspended left and right.

William Morris and the United Talent Agency have both canceled their usually lavish holiday

fests, as have Disney and Viacom.

Indeed, you can hardly blame Viacom's owner, Sumner Redstone.

He may have to sell the theater chain owned by his National Amusements Holding Company

just to keep control of CBS and Viacom, as the New York Times reported last week.

But one man remains undaunted in the face of such financial facts,

Vanity Fair Publisher, Graydon Carter. Last week, Mr. Carter announced facts. Vanity Fair publisher, Graydon Carter.

Last week, Mr. Carter announced that the Vanity Fair Oscar Party,

which was suspended this year because of the writer's strike,

would return to its celeb-fueled splendor next year.

Although he did acknowledge that, quote,

...