LOS ANGELES -- Vanity Fair's annual Oscars night party -- the most glamorous post-awards show event in Hollywood -- has been cancelled because of the screenwriter's strike, the magazine announced on Tuesday.

In a statement on the magazine's website, Vanity Fair said it had scrapped this year's bash, scheduled for February 24, in "support of the writers and everyone else affected by this strike."

"After much consideration ... we have decided that this is not the appropriate year to hold our annual Oscar party," the magazine said. "We want to congratulate all of this year's nominees and we look forward to hosting our 15th Oscar party next year."

The Vanity Fair event has become the most exclusive of the myriad parties held throughout Los Angeles following the Academy Awards, with a guest list strictly limited to A-listers and VIPs.

The party's cancellation is the latest example of the three-month old writer's strike's impact on the movie industry's awards season.

Screenwriters and studios have been locked in a bitter dispute since November, when contract talks broke down and the Writers Guild of America began a strike that has paralyzed sections of the industry.

The strike has already forced the cancellation of this year's Golden Globes and there are fears that it may lead to an actors' boycott of the Oscars ceremony, despite weekend reports that a deal may soon be reached.