A post on the game's official forums by a member of the Lionhead development team, under the user name Sam, reads, "Activision will not be publishing the console version of The Movies, but that does not mean the project is dead."
This doesn't mean that console versions of The Movies are definitely going to be released though. After the lacklustre performance of the PC game it would be a substantial risk to take on the console versions. Those loving the PC version have cause for celebration though as Sam also had news of a PC expansion.
"As dedicated to The Movies as they've ever been; an expansion pack is currently in development (which will be announced very shortly), and we are continuing to support The Movies Online."
We'll bring you further news if we hear anything more.