It has long been known that Cisco owns Pure Digital after forking out $590 million for it, where the latter has the Flip video camera as part of its hardware portfolio. Well, it seems that the networking giant is about to shut down the Flip business, although they won’t leave current FlipShare customers and partners in the dark by offering a transition plan. Apart from that, Cisco intends to pay more attention to its Home Networking business, where it will integrate Cisco umi into the company’s Business TelePresence range of products. Of course, as with any consolidation moves in businesses and organizations, there will be some collateral damage involved – in this case, 550 jobs will disappear from the face of the earth. It seems that Flip’s camcorder business could not hold a chance against a bevy of modern day devices such as the iPhone, Android or BlackBerry handset when it comes to recording video. Having said that, will other camcorders in the vein of the Flip die off in the near future, such as the Toshiba Camileo range and the Kodak Z Series? [Press Release]