7 February 2013 5:54 PM, PST | Thompson on Hollywood | See recent Thompson on Hollywood news »

In what some see as a penny-wise pound-foolish move, Jay Penske, the new owner of Variety (who also owns Deadline, Movieline, TVLine and Bonnie Fuller's Hollywood Life) has let go of Variety's 11-year-old pre-Oscar institution, Jeffrey Katzenberg's Night Before fundraiser benefiting the Motion Picture and Television Fund, which raises about $5 million a year. Nonetheless the star-jammed gala will go forward on February 23 at the Beverly Hills Hotel, announced THR with the following unusual headline: "Hollywood Reporter Replaces Variety as 'Night Before' Oscars Fundraiser Sponsor." What's wrong with Penske saving himself $400,000? Variety had committed to the cost of the presenting sponsorship, but after the sale Penske met with Katzenberg and opted not to go through with it. Variety reassessed its allocation of sponsorships and while they chose not to support the annual Mptf fundraiser this year, they will continue to support Mptf going »

- Anne Thompson

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