James Franco no longer partner in Los Angeles bar

James Franco has pulled out as the co-owner of a Los Angeles bar, eight months after hosting a private post-Oscars party at the venue.

The star revealed he was a partner in The Writer's Room earlier this year (11) and celebrated his Oscars hosting stint and the success of his film 127 Hours with a small bash at the new drinking establishment in February (11).

But the bar never opened to the public and Franco has since withdrawn from the venture, which launched on Thursday (13Oct11) under new owners.

Forgetting Sarah Marshall star Jason Segel and actor Jack Huston have now become investors in The Writer's Room and they were on hand to celebrate the big opening with celebrity pals Ryan Phillippe, Mad Men hunk Jon Hamm, actress Rashida Jones and Glee's Darren Criss.