UPDATE: Activision confirmed that its Guitar Hero division is closing, DJ Hero is being killed, and that True Crime Hong Kong is being canceled in its fourth-quarter conference call this afternoon. Our condolences to everyone who lost their jobs.

ORIGINAL STORY: Activision's quarterly financial conference call is going on right now, but the rumors are flying fast and furious in advance.

Eurogamer is reporting that DJ Hero developer Freestyle Games and longtime Activision studio Vicarious Visions have been hit by a wave of layoffs, the upcoming True Crime reboot has been canned, and Guitar Hero is dead.

No official sources have responded to comment as of yet, but a BioWare developer tweeted "Ugh sorry to hear about the Vicarious Visions layoffs today after Guitar Hero canceled. ***. Sounds like Freestyle (DJ Hero) got hit too."

Huge news if true. Updates should be coming to this story quickly as Activision's conference call continues this afternoon.