E3 Going Away?

Next Generation is reporting that the popular Electronic Entertainment Expo will either be dramatically scaled down or even cancelled for the foreseeable future. While I'd be very disappointed to never attend another E3, I can't say I blame publishers who are looking for a better return on their investment.
Publishers believe the multi-million dollar budgets would be better spent on more company-focused events that bring attention to their own product lines rather than the industry as a whole.

Well placed sources say the news that larger exhibitors were pulling out had prompted urgent meetings among publishing executives. They decided that, without the support of the larger software publishers and hardware manufacturers, there would be no point in continuing.