Yep, it's true. There's been a lot of speculation about it for a while, especially after the other networks have canceled the majority of their soaps, as well.
I have to say that I still watch them intermittently. The storylines for both soaps have been so colossally bad for the last 7 years that I am really surprised it has taken this long for them to be canceled. Just yesterday, I thought I'd watch and get caught up on AMC, and it's downright painful to watch. I couldn't even look. Up until recently, One Life To Live hadn't been so bad, and some parts are still really good. The crap writing started on AMC a few years back when they had a really crappy headwriter by the name of Megan McTavish, and the fans got really upset so they replaced her team with a new team that was -- hate to say it -- even worse. I think it's hard to come up with anything fresh and new anymore. Story lines that were once shocking have become commonplace & there's nothing new or exciting to give to these characters anymore.
The daytime soap opera genre as we know it is fading away and becoming a relic of the past.