Oscar race is going right down to the wire

(Photos: Warner Bros., DreamWorks)

If you’re a betting sort, you’d be better off steering clear of a lot of Academy Awards action this weekend. Find another place to wager — maybe April’s NFL draft or the weekend box-office numbers. While some Oscar categories seem like total locks, there’s enough last-minute murmuring among film fans that a few shake-ups are almost guaranteed.

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At $47,802, Oscar swag bags cheapest in 5 years

(Photo: Adrees Latif / Reuters)

A gold statue is nice, but Hollywood A-listers nominated for Oscars will get a consolation prize even if they don’t win: a $47,802 goodie bag.

That’s about the same as the MSRP for an entry-level Mercedes Benz M class (and it’s within shouting distance of America’s 2011 median household income of $50,054). Still, it’s the least-expensive this gift bag has been in five years; in 2010, Oscar swag topped $90,000.

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Hollywood Sign Ready for Makeover With 300 Gallons of Paint

(Photo: Joe Klamar / AFP - Getty Images)

NBC Los Angeles reports: Workers will use about 380 gallons of paint and primer to provide the Hollywood sign with a makeover before the famous landmark’s 90th birthday next year.

The iconic sign will be stripped down to sheet metal, primed and given a new coat of white paint. This will be the sign’s most extensive makeover in nearly 35 years.

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People Magazine reports Tom Cruise and Katie Holmes divorcing

Tom Cruise and Katie Holmes are getting a divorce after five years of marriage, Cruise’s representative has confirmed to TODAY.com.

"Kate has filed for divorce and Tom is deeply saddened and is concentrating on his three children," said a statement from Cruise’s rep on Friday. "Please allow them their privacy."

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