Despite a recent cover story in EGM, United Front's True Crime: Hong Kong won't make it to retail. Activision's latest earnings report confirms the game's cancellation, as well as the end ofthe Guitar Hero franchise.

"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," Activision said in its financial statement. The statement continues, confirming the cancellation of True Crime: Hong Kong and explains what happened ... sorta. "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."

If that weren't enough bad news, Eurogamer also reports that DJ Hero developer Freestyle Games has suffered "severe layoffs," though it's unclear whether the series has been affected by the alleged redundancies. We'll update this post as we learn more.

[Update: An earlier version of this post was based solely on Eurogamer's report, which has since been partially confirmed by Activision.]