Red-faced Reuters managers have had to axe a two year website project which they could not get to work.
For two years, Reuters News had been working on a next-generation website known as Reuters Next, which was supposed to overhaul the existing Reuters.com.
However the project had struggled to meet deadlines and to stay within its budget.
In an email, Andrew Rashbass, the chief executive of Reuters, said the effort had also failed to capitalise on the company's strengths for high-quality real-time news, and its unique photography and video.
Rashbass, who was appointed in May to lead the news business, said that the project was a long way from achieving either commercial viability or strategic success.
It had been available publicly in beta form, but it had not been formally launched.
According to the New York Observer, Reuters plans instead to enhance and improve the current websites.