Future of E3 in question

Joystiq.com is running a story that casts a doubtful outlook on the future of an event that many people enjoy and look forward to. Given the amount of money and the great deal of excitement drummed up for the game industry by this event alone I am suprised to see this outcome. It looks like an official announcement is due in the next 48 hours. I'd say there will be a similar event that starts up, there just seems to be too much to gain not to run with it.