The Academy of Motion Picture Arts & Sciences, while readying itself for next year's Oscars, will honor Italian director Federico Fellini and the 50th anniversay of his film "La Dolce Vita" with an exhibition titled "Fellini Oniricon -- The Book of My Dreams," opening Jan. 24 at the Academy offices in Beverly Hills, Variety discloses.

One hundred sketches from Fellini's personal journals comprising his often sexual dreams; nocturnal notes that inspired movie characters; and caricatures that Fellini drew of famous artists, including Pablo Picasso and Marcello Mastroianni, will go on display at the Academy two days after the Oscar nominations are announced. The exhibition runs through April 19.

Touted as the most comprehensive attempt to date to reconstruct the helmer's fantasy world, "Fellini Oniricon" is divided into eight sections, which include "Dreaming and Filming," "All These Ladies" and "Giulietta," dedicated to his wife and muse, Giulietta Masina.

The show, co-produced by the Fellini Foundation, the Rome Film Festival and the Academy, also includes scores of on-set pictures documenting Fellini's career as well as the original copies of his huge two-volume diary, which cover the years 1960-90.

Variety, the long-standing Hollywood trade that never likes to admit it is a trade, at least admitted being amused by a colorful vid produced by Will Ferrell's funnyordie.com circulating the Internet. The paper actually published the vid and seemed to encourage people to take a look. If you haven't seen it yet, be FBLA's guest.

In the video, an internal Variety news meeting sounds a tad like Peter Bart's weekly sitdowns. But this art only imitates this life to a small degree. As someone who lived through them for more than a decade, Peter's tirades are much more colorful.

Press here to watch.

Well, they call it a 'post-election conference'. Not quite as catchy. From their site:

The Jesse M. Unruh Institute of Politics and The USC College of Letters, Arts & Sciences, in association with POLITICO, will host a two-day post-election conference featuring top strategists from the Obama and McCain Presidential campaigns, national and state political journalists, and USC student panelists discussing the 2008 Presidential campaign and what it means for the future.

Journalists Jonathan Martin, Mike Allen, Mark Barabak, Mark Halperin, John Heilermann, Ben Smith and Jim VandeHei among others will be there. A full schedule is here.

Roger Ailes, whom Rupert Murdoch brought in to weave his Republican-istic web around Fox News, has signed on for a five-year extension to his contract, the Los Angeles Times reported.

That means we're in for five more years of such pleasant closeted lefties as Sean Hannity, Bill O'Reilly, Great Van Sustern and the entire Fox news team

Ailes' new contract extends the key role he plays in News Corp. as chief executive of Fox News and chairman of Fox Television Stations Group.

"Roger has done a remarkable job building Fox News into a force in journalism and built a great asset for News Corp.," Chief Executive Murdoch said in a statement today announcing the deal. "I have complete confidence in his talent and his editorial judgment."

Along with his oversight of Fox News and the local stations, Ailes is in charge of the Fox Business Network, MyNetwork TV and Twentieth Television.

"I'm pleased to continue to work for News Corp.," Ailes said in a statement. "It is a strong and extremely well positioned company. I look forward to carrying out Mr. Murdoch's legendary vision in the future."

Gus Van Sant's "Milk," which opens Nov. 26, is already drawing raves from the long-lead critics, but the Sean Penn-starring film has already got local critics giving it plenty of thumbs up and Oscar buzz.

At a recent swanky Beverly Hills press screening, the film left the hard-bitten journos sniffling and downright weeping over the plight and ultimate demise of former San Fran board supervisor Harvey Milk.

What? Journos weeping and sobbing over a movie? What has the cinematic world come to?

And virtually everyone at the screening was convinced that Penn is a shoo-in for Best Acting Oscar. Well, he was pretty good.

Among the sniveling, er sniffling media reps were E! Online, People Magazine, Out.com and Campus Circle. No names were divulged, but FBLA watched as it went down and we have to admit we teared up (a bit) too.

The Daily Beast is growing on us...growling on us? No. Growing.

This is Katie Couric and David Letterman last night discussing the interview that exposed Sarah Palin...as well Sarah Palin.

"She was afraid of offending people that don't read." Offers Letterman.

We also take this opportunity to point out that Letterman is becoming a dead ringer for Senator turned Secretary of Health and Human Services Tom Daschle.

Don't believe us? Exhibit A. Yeesh.

In the wake of massive layoffs and shrinking newsholes...it's been looking bleak for reporters. 'Exposure' is not a paycheck. 'Great opportunity' does not pay the rent. 'Credit' doesn't pay off interest.

Anyway, we found this site while trolling on Twitter.

They explain themselves:

Spot.Us is a nonprofit project to pioneer "community funded reporting." Through Spot.Us the public can commission investigations with tax deductible donations for important and perhaps overlooked stories. If a news organization buys exclusive rights to the content, donations are reimbursed. Otherwise content is made available through a Creative Commons license.

Could this be the future of print journalism? The public television/radio model? If newspapers aren't making a profit should they just all go nonprofit?

Uhm, yeah. We said yes to Carly Milne and then we realized, we don't write anything 'genre appropriate'. So come watch the train wreck.

The events happen monthly at Hustler Hollywood, 8920 Sunset Blvd, West Hollywood, CA 90069, 310-860-9009 at 8pm. It is hosted by Hustler Hollywood's Special Events Host and author, Stan Kent, who also DJs the evening with appropriately smutty music before and after the verbal intercourse. You can check out previous events here.

November's In The Flesh Theme is Wild Card night where we present a teasing selection of works-in-progress and timely releases.

The authors are Antonia Crane, Tina Dupuy, Jillian Lauren, Michael Lynn and Devan Sagliani.

This is a clip of a kid that had a pretty lucky day on the Price is Right. Our favorite is Drew Carey's reaction. Did Bob Barker ever jump with excitement?

This is Marc Maron and Sam Seder using their keen sense of the true nature of Senator John McCain and President Elect Barack Obama.

The local journos love alligators. Love them. Can't stop talking about them. We wish it was a metaphor - like seeing pink elephants. But alligators are the hot news item for every season. We remember Reggie.

LA loves its misplaced reptiles (insert Paris Hilton jab here).

California Governor and resident superstar Arnold Schwarzenegger nabbed actor Rob Lowe, who had done some stumping for Schwarzenegger during the recall back in 2003, to help egg on Chinese/American relations at the Governor's summit on climate change, the L.A. Times reports.

"I thought it was really special that the Chinese were coming," Lowe said in an interview, noting that the communist state often turns down requests to attend such conferences. "It was one of those days it was great to be in show business."

Echt Rob Lowe.

Wicked smart numbers dude Nate Silver interviewed our local ex-KFI blowhard John Ziegler about his new project...something about how everyone is wrong but him and people who agree with him.

Anyway, the whole interview is worth a read but here's our favorite:

NS: Well, since you're running a website calling people misinformed, I'd like to see if - there are certain things you've said that I would consider misinformed.

JZ: Misinformed? You're a piece of work! You are never going to have the guts to post a representative transcript on your website! I thought you actually ran a legitimate website!

NS: Thank you, have a good day.

JZ: Go fuck yourself.

Tom Cruise and his Hitler knock-off "Valkyrie" aren't exactly inspiring confidence from MGM studios or from ever-perspicacious test audiences, MSNBC says.

The film, led by "Usual Suspects" director Bryan Singer, has been bounced around the MGM schedule for the last few months and looked like it might be shelved, despite its star.

Trying to save face, MGM's marketing strategy is obviously now avoiding Cruise and his Scientological bent and rather focuses on Singer. To see a trailer, click here.