TVNewser has learned News Corp. is canceling its extravagant holiday bash normally held at the Hilton in midtown Manhattan. The annual party is for all News Corp. employees, including Fox News Channel, Fox Business Network the New York Post, the TV stations division, 20th Television, etc., etc.

TVNewser received several tips this morning that a rumor was circulating that the kibosh was being put on the bash. A short time ago on FBN, anchor David Asman confirmed alluded to the cancellation. (We hope to have the clip soon).

Expect this to be just the first of many holiday party cancellations due to the ailing economy.

> Update: The FBN clip is here...

> Earlier: ABC News Cost Cuts Include Holiday Party...