Breaking! Universal Studios On Fire; Will Tonight's MTV Movie Awards Go On?

It's not even 8am and today is already setting up to be a real doozy. Reports are just coming in that the Universal Studios backlot — possibly the Back To The Future set — is on fire right right now. A tipster sent in the above photo and wrote in that he "woke up to loud bangs - almost like tanks were exploding." While there are no reports suggesting that the blaze is anywhere near the Gibson Ampitheater, where the MTV Movie Awards are scheduled to be held later this afternoon, we will certainly keep you posted. Don't forget, so long as the red carpet isn't on fire, we're scheduled to be liveblogging the awards today beginning at 3pm PST. As they say in the business, developing...

UPDATE (8:30am): E!'s Marc Malkin is reporting that the MTV Movie Awards will go on and that the hilltop theme park will remain open today. While we would never bet against the power of commerce, we will predict that not too many visitors at the park today will be lining up to "endure the blazing inferno of heart-pounding heat and fury in a 10,000 degree blast of searing pyrotechnics" that the Backdraft ride promises.

UPDATE #2 (8:50am): The power of contextual advertising never ceases to amaze (in red)!

Breaking! Universal Studios On Fire; Will Tonight's MTV Movie Awards Go On?