Longtime Vanity Fair Editor Graydon Carter Leaving Magazine

Vanity Fair says its longtime editor Graydon Carter is leaving the magazine at the end of the year after 25 years at the helm.

Carter became editor of the magazine, known for its coverage of celebrities, Hollywood, media and politics, in 1992. It's famous for its star-studded annual Oscars party.

Vanity Fair spokeswoman Beth Kseniak did not immediately answer questions Thursday about who would replace him.

Carter says in a statement that he is "eager to try out this 'third act' thing" but did not specify his plans for the future.

Carter, a well-known figure in New York, is a book author, film and theater producer and restaurant owner.