The event will not now go ahead...

SXSW has been cancelled, it has been reported.

The Austin, Texas event was due to kick off later this month, but speculation over its viability had mounted in the past few days.

A number of high profile companies had pulled out of sponsored events, leading to big names such as Ozzy Osbourne and Trent Reznor nixing their involvement.

Now it seems that the SXSW team have taken the decision to halt this year's festival.

Here's the official statement.

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