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Toshiba set to dump HD DVD

Toshiba preparing to exit high definition DVD format market agency reports

Toshiba is set to concede defeat in the HD disc format wars, and abandon HD DVD, according to Reuters.

The news agency quoted an unnamed company source as saying: "We [Toshiba] have entered the final stage of planning to make our exit from the next generation DVD business."

The move would likely cost the company hundreds of millions of dollars to scrap production of discs and players.

Toshiba's HD DVD format has struggled against Sony's Blu Ray format since the Warner Brothers studio, the largest entertainment group in the world, announced in January that it would no longer produce HD DVD products.

The format was dealt yet another blow on Friday when US retail giant WalMart announced that it would no longer stock HD DVD.

Toshiba initially had backing from electronics manufacturers NEC and Sanyo and from Microsoft for the HD DVD format. The HD DVD disc had previously held its own against the higher capacity Blu Ray discs, with promotional groups for both formats claiming market leadership at different points.