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Toshiba is not a person, is a business. I cannot put it in any better words than squiggleslash did. So please go ahead and scroll up and read his reply, or read it again if you already did but this time put some of your reading comprehension skills to work.
Eitherway here's the short version: It isn't that Toshiba is angry at Sony or that they no longer believe disc-based HD media isn't the next big thing. It just comes down to making money on any business rather than losing. They already invested a lot on HD-DVD and lost a lot on it as well, so guess what? Perhaps is not convenient/healthy for the company to put its savings and investors on the line just to throw cash into an uncertain format yet.
Trust anybody that if Blu-ray was the all-mighty-for-sure profitable format Toshiba would have to swallow their pride and invest on it. Toshiba isn't run by just one guy, it has it's board of directors as well as a bunch of investors that want to make money, and if investing in bluray is the way to make it they'd force any and all executives to go that way or they wont invest on the company.
IF INVESTING IN BLU-RAY SEEMED LIKE A PROFITABLE DECISION FOR ANYBODY, THEN THE INVESTORS OR SOMEONE IN THE BOARD OF DIRECTORS FOR TOSHIBA WOULD PLAY BALL.
Maybe by capitalizing you can read and comprehend at once. I didnt say anything newer or better than what anyone here said, so go read them and then comeback to read mine in all caps to comprehend.