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.

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4:03 PM Fri | CBS and ABC have far bigger fish to fry - namely whether their stations can get back the auto and retail advertising that fell off a cliff in 2009.
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Jenny Price | Recycling!
Veronique de Turenne | And there's still time to take part!
Phil Wallace | Searching for answers after a third loss this year.
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Iris Schneider | After a tough year financially, the Museum of Contemporary Art put on a gala party to celebrate with 1,000 of its closest friends.
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Thinking more about buying less.
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