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The Colin Campbell Network blog has some details:
According to sources close to the production, a team of ESPN executives from the East Coast informed the staff of ESPN Hollywood this morning (January 17th) that the show was being canceled, effective January 27th.The decision to pull the plug on the show, ESPN's half-hour daily look at the world of sports and entertainment, comes at an odd time, following reports of improving ratings and increased access to the insular world of show business.