"Given the continuing decline in the direct-to-video film market and shifting business models in the production of digital series, the decision was made to close Warner Premiere," the studio said in a statement to TheWrap.

UPDATE:

The Wrap have learned exclusively that due to the current downturn of the home entertainment industry, Warner Bros. has shut down its direct-to-video labelthis summer.The site goes on to report that the division will finish production on its remaining film and digital series slate this Fall.Since 2007, Warner Premiere has released Superman: Doomsday, Justice League: The New Frontier, Batman: Gotham Knight, Wonder Woman, Green Lantern: First Flight, Superman/Batman: Public Enemies, Justice League: Crisis on Two Earths, Batman: Under the Red Hood, Superman/Batman: Apocalypse and most recently Superman vs. The Elite.This announcement won't effect The Dark Knight Returns: Part 1 but your guess is as good as mine on whether this news affect the release of Part 2.More details as the story develops.Deadline has reported that although Warner Premiere is closing, WB will still release animated features.