The Latin Academy has yet to make a decision regarding the fate of the Latin Grammy Awards, which were scheduled for last Tuesday in Los Angeles but cancelled following the terrorist attacks. Sources

The Latin Academy has yet to make a decision regarding the fate of the Latin Grammy Awards, which were scheduled for last Tuesday in Los Angeles but cancelled following the terrorist attacks. Sources say there will not be a televised show; the Academy would not confirm this. The ceremony had already been moved from Miami after separate security concerns.

Executive VP Enrique Fernandez tells Billboard Bulletin, "CBS wants to do it, the [producers] want to do it, and we want to do it. The problem is, doing it represents a massive investment on [the Academy's] part. Remember, our corporate sponsors are dry. That money is spent."

Fernandez says the Academy is reviewing several alternatives, including a private ceremony. Other sources say Mexico's Televisa network is interested in putting together a show there.

Already, labels are tallying unrecoupable losses from the cancellation -- in some cases in the hundreds of thousands of dollars -- compounded by prolonged hotel costs after artists and executives were stranded in L.A. following the attacks. In addition, many marketing plans contingent upon Grammy wins or performances have been placed on hold, almost certainly affecting fourth-quarter sales.

"We've lost a lot of momentum, and there's been a lot of wear and tear, both physical and economical for the industry and the artists who traveled so far to get there," says Rafael Gil, president/CEO of EMI Recorded Music, Latin. EMI artists Thalia and Hevia were due to play the awards show, and both performances were expected to result in sales gains.