According to Next-gen.biz, E3 will not go ahead next year or in the forseeable future. The gaming website claims to have exclusive news on the cancellation, citing the main reason as being the costs involved in running such a huge event.

ESA president Doug Lowenstein will likely announce the news some time within the next 48 hours, possibly on Monday. It's possible that the ESA will seek to limit the damage by organizing some form of lesser event in May, but it's clear that the days of an industry event attended by all the major publishers, spending big money, are gone.

The Electronic Entertainment Expo is the world's largest annual trade show for the computer and video games and has been the main stage for a number of brand new titles.

Source : Next-gen/biz