Unsurprisingly, even the jazz world isn't immune to the current financial climate. The NY Times reports that the annual JVC Jazz Festival, which would normally be taking place in New York next month, won't be happening here or in other cities that it has in the past. In fact, the company has no festivals to announce this year, even losing their contract "for the Newport jazz and folk festivals in Rhode Island because of late payments for use of state parkland." This is the first cancellation of the city's jazz fest in 37 years, and fans are likely to be singin' the blues. The company who puts on these events, Festival Network, turned ownership over to an (over)ambitious Chris Shields just two years ago. He blames the economy and losing a top sponsor on this year's woes, but some say he "overspent on booking talent and took unnecessary risks, including opening four new festivals last summer without securing sufficient sponsorship." Meanwhile, the old Festival Network head honcho, 83-year-old George Wein announced that he would present a folk and jazz festival in Newport this August.