CNN announced its Oscar coverage plans this afternoon…

As Hollywood prepares to fete and award the top motion pictures and acting performances of the year, CNN Worldwide plans extensive coverage of the Academy Awards with live reports on its television networks, special online reports and video streams, an hour-long radio program and a special contest on CNN.com.

For Sunday, March 5, the day of the Academy Awards telecast, Headline News offers a special Oscar edition of Showbiz Tonight at 5:30 p.m. with host A.J. Hammer and correspondents Brooke Anderson and Sibila Vargas. The live coverage shifts over to CNN/U.S. at 6 p.m. with “Hollywood’s Gold Rush,” an Oscar red carpet preview also hosted by Anderson, Hammer and Vargas. The program will be simulcast on CNN International. All times Eastern.

Online, CNN.com offers a special online site at http://CNN.com/academyawards that features numerous articles, photo galleries, quizzes and a printable ballot. On Oscar night, the CNN.com staff will provide up-to-minute updates of the ceremony and a running tally of Oscar winners.

In addition to extensive coverage of the awards, CNN.com has launched “Inside the Envelope,” an online game that allows registered members of CNN.com to pick winners from this year’s nominees and earn a chance to win a home theater system including a 32-inch high definition LCD television. The winner will be determined from entrants making the most correct picks. The contest site, located at www.CNN.com/ITE, will be open for entry submissions until 5 p.m. on the day of the awards broadcast.

CNN Pipeline, CNN.com’s commercial-free, on-demand video news service, plans to start its Academy Award coverage two live reports a day for both Thursday, March 2, and Friday, March 3. For Sunday, March 5, CNN Pipeline will offer live shots of red carpet arrivals, fashion reports and numerous backstage interviews conducted by Anderson, Hammers and Vargas. CNN Pipeline will offer a wrap-up package of Oscar footage for Monday, March 6.