ESPN announced Friday that they would be suspending publication of the formerly Bill Simmons-led sports and pop culture site, Grantland, effective immediately. With Simmons having departed earlier this year after a contract dispute and the network facing cutbacks due to rising programming costs, it seems there simply was no longer room in the Worldwide Leader's budget for the fantastically witty and original site.

Here is ESPN's full statement on the decision:

Effective immediately we are suspending the publication of Grantland.  After careful consideration, we have decided to direct our time and energy going forward to projects that we believe will have a broader and more significant impact across our enterprise.

Grantland distinguished itself with quality writing, smart ideas, original thinking and fun.  We are grateful to those who made it so.  Bill Simmons was passionately committed to the site and proved to be an outstanding editor with a real eye for talent.  Thanks to all the other writers, editors and staff who worked very hard to create content with an identifiable sensibility and consistent intelligence and quality. We also extend our thanks to Chris Connelly who stepped in to help us maintain the site these past five months as he returns to his prior role.

Despite this change, the legacy of smart long-form sports story-telling and innovative short form video content will continue, finding a home on many of our other ESPN platforms.

Earlier this month, ESPN reportedly engaged in something of a bloodletting, with approximately 350 positions terminated due to financial issues stemming from programming costs and a general loss of viewership in the recent past.

Simmons also wasn't the only big on-air personality the network parted ways with this calendar year. Keith Olbermann left ESPN for the second time in July and Colin Cowherd followed suit later that month.

With Grantland gone, it remains to be seen what happens with a site like the as-of-yet launched Undefeated.