If could embed the song here, I would…

After days of intense speculation, Toshiba today officially announced that it will exit the HD DVD business. According to the press release, Toshiba decided after a thorough review of its overall strategy it will no longer develop, manufacture and market HD DVD players and recorders.

Toshiba cited the recent changes in market conditions as the impetus behind the firm’s decision, in hopes for a healthier high-definition future. “We carefully assessed the long-term impact of continuing the so-called ‘next-generation format war’ and concluded that a swift decision will best help the market develop,” said Atsutoshi Nishida, President and CEO of Toshiba Corporation.

The Japanese company, however, said that it still believes in its product and continue to support others behind it. Toshiba will continue to provide full product support and after-sales service for all owners of Toshiba HD DVD products.