Despite terrifying reports from Next-Gen.biz that the Electronic Entertainment Expo (E3) might disappear forever, organizers said Monday that, in fact, they'll just be downsizing. A lot. ESA president Douglas Lowenstein told News.com that the new event will be called the "E3 Interactive Media Festival," it'll be held in July 2007, and it will be invite-only for about 7,000 people (this year's E3 drew some 60,000). The goal is to create a more intimate event that will let publishers interact with media outlets and give them a little more bang for their trade show dollar. But to the real question I know you're all asking: yeah, sorry. Sounds like the fire dancers are history. Sigh.

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