As we reported over the weekend, Toshiba was ready to concede defeat in the high-def format war.
The announcement has now been made official today in Tokyo.
"This was a very difficult decision to make ... but when we thought about the trouble we would cause to consumers and our partners, we decided it was not right for us to keep going with such a small presence," Toshiba Chief Executive Atsutoshi Nishida told a news conference.
It looks like Sony has finally redeemed itself for losing to JVC in the videotape format war in the 1980's. At the time, Sony's Betamax technology was superior to JVC's VHS format, but marketing strategies, manufacturing complexities and the fact that Betamax could only record 60 minutes of video lead to its demise and VHS's dominance in the budding consumer video marketplace.
Sony's Blu-ray disc will now be the standard format for the next generation of high-definition video disc technology.