Our On the Lot guide, Vanity Fair's Rebecca Keegan gets an inside look at the Oscar telecast preparations this week. She's one of a very few reporters invited to sit in on the rehearsals. 

She says while she has to agree not to reveal any surprises - or any of Jimmy Kimmel's jokes - the rehearsals provide a great opportunity to see the sausage-making of the Oscar show, and score some interesting interviews.

While Hollywood is obsessing over Sunday's awards, there's another big story brewing in the executive suites. Keegan reports that Paramount chief Brad Gray may be close to leaving his position over that classic Hollywood stumbling block - creative control. Grey, who's been the head of the studio for 12 years, and is a veteran producer, is one of the few execs in Hollywood who can still "green light" a picture all by himself. 

Nowadays, that green lighting process is generally handled by a committee that represents the diverse studio interests. It might include people from marketing, merchandizing, overseas sales, even theme parks. Grey's corporate bosses are trying to institute a similar set-up at Paramount, and they appear to be ready to push Grey out as part of that process. Of course, as Keegan notes, Grey has presided over a bad run at the studio - Paramount now ranks dead last in market share among the majors.

Click on the blue bar to listen to the full interview with Vanity Fair's Rebecca Keegan.