Earlier today, Ben Kuchera at Penny Arcade Report, the news and reviews arm of Penny Arcade, posted that PAR is no more. The reasoning behind the decision wasn't given, but with both PAR and PATV getting the axe, it appears that Penny Arcade is streamlining their operations. Best of luck to all that will need to find new work.
Though I will say that, as much as I don't wish job loss upon anyone, I did not find PAR to be a source of quality journalism. Kuchera could be abrasive and judgmental in his articles and stand-offish in his responses to comments, if not outright hostile. Headlines were often written in a needlessly aggressive manner; I lost count of the number of times a story was given a headline almost verbatim, "X! We're sick of your shit!" Not Kotaku-level stupid, but definitely among the lower tier of the paid-staff game news sites out there. Interesting news marred by the site's chosen approach to news.
So while I pour one out for those that will need to find new work, I'm plugging the bottle for the site itself. I'd be interested to hear your thoughts on it, but PAR is one game news site that I will not miss.