USC Interactive Media Division Cutbacks?

I went to the LA convention center to day to attend a forum regarding new programs for HACLA

(local public housing org). That's because I'm a volunteer Board Member of a small non-profit funded by HUD (federal public housing org), At any rate, on my way back I noticed that the Interactive Media locale on the corner of Figueroa and 23rd street is no longer there

With times like these, I'm assuming the worst. If it's true, then it's unfortunate that such a young new department in higher education has had to experience cutbacks