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Toshbia will officially ditch the HD DVD format in the coming weeks, says an article in today’s Hollywood Reporter. “Reliable industry sources” say that Toshiba has suffered “substantial” (not a word to use lightly) loses on its HD DVD players. Combine that with all the fallout from Warner’s decision to go Blu (and Netflix’s and BestBuy’s…) and you can understand why Toshiba is pondering officially pulling the plug.

Of course, Toshiba’s PR department is still saying things like HD DVD is the best solution for consumers and so on, but that’s what they have to say.

Death watch is officially on. Should be a fun couple of weeks.

Toshiba to drop HD DVD, sources say [Hollywood Reporter via High-Def Digest]