Both Next-Gen.biz and GameSpot are reporting that E3, in the form we currently know it, is finished.

Often regarded as the pinnacle of the gaming year and drawing in up to 60,000 attendees, E3 may well no longer be a feature in our calendars. Some of the larger more influential exhibitors have decided that E3 does not offer an appropriate amount of media coverage in return for the money invested, and have such declined from further events. With big names (undisclosed at the moment) pulling out, the decision seems to have been made to discontinue the event.

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.

Though there is the possibilty of a smaller event being put on in future years, this is sad news indeed.