The once-mighty franchise has reached the end of its run, according to Eurogamer...

Shock reports emerging from Eurogamer and its sources this evening suggest that Activision have effectively axed the Guitar Hero franchise. The studio responsible for the DJ Hero series Freestyle Games has also been hit with "severe layoffs" according to the publication.

Eurogamer says a formal announcement from Activision is expected tonight ahead of the company's financial results. Another casualty of these developments is said to be United Front's HD sequel True Crime: Hong Kong, which was due to release later this year.

Activision is due to clarify the matter later tonight.

Update: It seems the reports have now been validated by an official Activision press release:

"At the same time, due to continued declines in the music genre, the company will disband Activision Publishing's Guitar Hero business unit and discontinue development on its Guitar Hero game for 2011. The company also will stop development on True Crime: Hong Kong�. These decisions are based on the desire to focus on the greatest opportunities that the company currently has to create the world's best interactive entertainment experiences."