As reported by several sites in the blogosphere, including the Young Black Professional Guide, Toshiba has announced that they are scrapping their next generation DVD format called “HD DVD.” Sony developed the competing format, called Blu-Ray.

For several months both Toshiba and Sony courted the movie industry for their support. One move that might have helped Sony succeed was that its mildly successful PS3 consoles play Blu-Ray discs.

If you have HD DVD discs you can learn how to convert them to the Blu-Ray format here. While this Wiki, published by Wired, seems technically complex, chances are that if you are an early adopter of HD DVD technology you have the skills to work through the tutorial.

In the alternative, if you are new to the next generation DVD formats and wondering what you should do next (buy a bunch of Blu-Ray equipment, wait for prices to drop, etc.), Gizmodo has published an excellent Q&A to get you started.