Following up on the report in The Hollywood Reporter on Friday that Toshiba was planning to give up on the HD DVD format some time within the next few weeks, NHK and Reuters are now reporting that the plug has officially been pulled.
According to the reports, Toshiba is ceasing production of current HD DVD players and will not be developing new players or recorders for the format.
A source within Toshiba leaked the news to the Japanese press, preparing the media for an official press release from the company set for early next week.
Losing the format war and getting out of the market is expected to cost Toshiba hundreds of millions of dollars, though they will at least prevent further hemorrhaging of funds by continuing to sell players at below production costs.
This move will officially release Universal and Paramount/Dreamworks from any contracts they have with Toshiba and allow them to move forward with releasing their films on the Blu-ray format. Announcements from both studios could also expected as early as next week.
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