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"When Mortons announced it was closing, we thought it was time for a change," said Vanity Fair editor Graydon Carter. "Craft is the ideal place for the party: great food -- which we will not be serving family-style, by the way -- great location with a dramatic entrance and a big, sweeping space."Craft is so close to CAA's new headquarters and so frequently used by its agents that it's jokingly been referred to as the tenpercentery's commissary.

On Oscar night, Vanity Fair will be building out beyond Craft's terrace to make more space. But a Vanity Fair spokesman said the party's guest list will "definitely" not be larger than it had been at Mortons. Traffic and parking, which frustrated guests in the past, should also improve with the change of venue.

For more on the people, places and parties that make entertainment entertaining, visit the Variety blog On the Town.