Last summer P.T. was released as a playable teaser for Silent Hills, Kojima Productions' take on the Silent Hill franchise. The official website now says that the demo will be pulled from the PS Store on Wednesday, April 29.
It looks like it isn't pulled for no reason as Guillermo del Toro, who was said to be involved alongside Hideo Kojima in the production of the game, said during the San Francisco International Film Festival that the game won't happen afterall. Toro's quote: "It's not gonna happen and that breaks my greasy heart." This was also confirmed by his assistent.
If you are yet to play P.T. but don't have a PS4, you can still add it to your download list and download it when you get a PS4. Note that this may require a PS+ membership on certain regions.
UPDATE: Silent Hills is officially cancelled according to Konami's statement to Kotaku.
Konami is committed to new Silent Hill titles, however the embryonic ‘Silent Hills’ project developed with Guillermo del Toro and featuring the likeness of Norman Reedus will not be continued.
In terms of Kojima and Del Toro being involved, discussions on future Silent Hill projects are currently underway, and please stay tuned for further announcements.