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  Toshiba Quits HD DVD Business (Official)
Time: 12:14 EST/17:14 GMT | News Source: Press Release | Posted By: Byron Hinson

Toshiba said Tuesday it will no longer develop, make or market HD DVD players and recorders, handing a victory to rival Blu-ray disc technology in the format battle for next-generation video. "We concluded that a swift decision would be best," Toshiba President Atsutoshi Nishida told reporters at his company's Tokyo offices.

The move would make Blu-ray backed by Sony Corp., Matsushita Electric Industrial Co., which makes Panasonic brand products, and five major Hollywood movie studios the winner in the battle over high-definition DVD formatting that began several years ago.
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