Is HD DVD finally throwing in the towel? According to a story from Home Media Magazine, the Toshiba-backed format is ready to do just that.

"An announcement is coming soon," said one source close to the HD DVD camp. "It would be a matter of weeks."

However, Toshiba remained firm on their stance that their format is the best and Jodi Sally, Toshiba's VP of marketing, said an official decision hasn't been made.

"Based on its technological advancements, we continue to believe HD DVD is the best format for consumers, given the value and consistent quality inherent in our player offerings," she said.

She also wryly added, "Given the market developments in the past month, Toshiba will continue to study the market impact and the value proposition for consumers, particularly in light of our recent price reductions on all HD DVD players."

The deathnail for the format seems to be the last-ditch price-slashing on its players after Warner Bros. announced it was going to the Blu-ray camp. Prices were cut in excess of 50% in some cases, and the losses from that could be as much as several hundred dollars per player. The format also paid $2.7 million for a 30-second TV spot at the Super Bowl.