Breakdown of Вручение премии Стивену Спилбергу будет завтра.
быть
to be
завтра
tomorrow
вручение
presentation (of an award or gift)
премия
award, prize
Questions & Answers about Вручение премии Стивену Спилбергу будет завтра.
Why do both the first and last name change in Стивену Спилбергу?
Because foreign male names and surnames ending in a consonant decline exactly like standard Russian masculine nouns. Here they take the dative case ending -у because Spielberg is the recipient of the award.
If the award were going to a woman, like Susan Sarandon, would her name decline the same way?
Not at all. Foreign surnames ending in a consonant never decline when they belong to a woman. If her first name also ends in a consonant, it remains unchanged too. So her name would simply stay Сьюзан Сарандон even in the dative position.
What dictates the cases for премии and Стивену Спилбергу after the word вручение?
Вручение (presentation) is a noun made from a verb. It still acts a bit like its parent verb: the thing being presented goes into the genitive case (премии) to link the two nouns, while the recipient stays in the dative case (Стивену Спилбергу) just as if you were using the verb 'to award'.
Is it too informal to use будет for an official event, rather than a verb like состоится?
Будет is very common and completely acceptable in everyday speech and standard news updates. While состоится (will take place) is indeed more formal and often used in official written announcements, будет sounds natural for conversation and is not considered slang.