Reuters Next has been in development for the past two years and was planned as an editor-curated site with "stream-based channels such as world news, politics, business and tech", according to reports.
The project is being abandoned due to its failure to meet deadlines and the commercial challenges. Instead the company will concentrate on the existing website Reuters.com, and plans to repurpose as much as the developed work as possible.
A "sneak preview" of the Reuters Next released four months ago said the "new approach will let readers focus on the world's best reporting, photojournalism, market data, video and opinion, all delivered with the context that you need". New smartphone and tablet apps were released in August.
A 'sneak preview' of the proposed new site
The scrapping of the project will see two senior members of staff leave, including Jim Roberts who joined Reuters Digital in February as executive editor after leaving the New York Times in January.
Roberts, who was assistant managing editor of the New York Times, and Daniele Codega, design director at Reuters, will leave the company but both will stay on for a transition period.
Roberts has tweeted to confirm he is leaving Reuters but says he's "not leaving news".
Bill Riordan, part of the existing team, becomes publisher of Reuters.com.