Here's the news direct from the horse's mouth:
You can read original article here and the long list of grieving comments. Also check out Kaiju Shakedown while you are there.
Over the last two and a half years, Variety Asia has brought the latest in entertainment news from Asia to your email inboxes and on the web.
In that time, we have seen amazing developments in the region. China has awakened to its role as a major theatrical market, while India has focused its sights on international expansion.
We have reported on the ups and downs of the Korean film industry, and we have charted Hong Kong media's steady navigation through its new role within Greater China.
Unfortunately, due to tight times in global news media, Variety has had to make redundant its permanent editorial staff in this region. These include Asia editor Patrick Frater and Hong Kong correspondent/web editor Marcus Lim who leave the paper with effect from today. Sadly, that effectively halts publication of Variety Asia.
With effect from Feb 2, 2009, Variety Asia will no longer be updated and there will be no more newsletters until further notice. Similarly, the Kaiju Shakedown blog will no longer be updated under the aegis of Variety Asia.
However, Variety's publishing interests in America are still continuing and we encourage you to visit www.Variety.com for entertainment news coverage.
Our heartfelt thanks go to you, our 15,000 subscribers and tens of thousands of readers for your continued support over the years.Yours truly,
Variety Asia web editor
Hong Kong correspondent."