Is Time Inc. Giving Up On Office Pirates?

Is this the beginning of the slow plank-walk for Time Inc.’s Office Pirates experiment that just about everyone in Mediaville predicted?
Via Mediaweek:
OfficePirates.com — the publishing giant’s much-hyped answer to the viral video-blogging phenomenon, is struggling to build an audience, and some Time Inc. insiders are speculating that its lifespan may be short.
…
A Time Inc. executive was not optimistic about its future. “It might not make it to the end of the year,” the exec said. “Everyone is disappointed. It’s just not funny. And it’s gotten more and more lowbrow.”
Thar He Blows! Office Pirates Hits Rough Seas [Mediaweek]
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