Games Media Properties today announced that they will no longer produce the World Series of Video Games and that the remainder of the 2007 season has been cancelled. Sustaining the league financially in the face of significant competition forced this decision to be made. Games Media Properties will shift its focus solely to growing its online advertising network of websites. All winners of previous WSVG events will be paid in full.

"The World Series of Video Games launched with the goal of expanding interest and participation in competitive gaming," said a statement on the WSVG website. "Over the course of two seasons, we have been honored by the strong support the community has shown in attending our festivals, and watching our competitions online and on television-- all in record-setting numbers. We have been grateful for the generous support provided by Intel and other sponsors since our inception."

Earlier this year WSVG signed a broadcast deal with CBS for a second year. According to the deal for 2007, two more hour-long events were to be televised: one on November 17 and another on December 15. Obviously these will no longer be taking place.