Following on the heels of Nikon, Canon will no longer develop compact and SLR film cameras. While the old models will remain in stores and they will continue to sell and support them, there won't be a new 35mm Rebel in our futures.

They're hemming and hawing a bit, saying they'll assess the market before jumping back into the film world, but that's highly debatable. It's the end of an era. John Biggs

UPDATE - Interestingly enough, Reuters is now reporting that they're "considering" leaving the market, but that's bull. You don't alert the media if you're "considering" doing something.
Canon to halt development of film cameras [Reuters via Photography Blog]

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