New York - Just a year after its video game tournaments were broadcast on CBS, CSTV and VOOM HD Networks' Gameplay HD, Games Media Properties has announced the cancellation of its 2007 World Series of Video Games.

"The continuing challenges of securing adequate revenues to sustain the production of the WSVG's large scale events and television programming, in a very crowded field of competitive gaming leagues, has prompted us to re-evaluate our direction as an organization," the company said in a note on its website.

Events scheduled in Los Angeles, London and Sweden will no longer take place, and the company said that it will "pay each and every winner from our WSVG events once the requisite paperwork is completed."

In addition to its broadcast deals, Games Media Properties had secured Dell as a sponsor of its events, and partnered with AOL to launch a co-branded site dedicated to its tournaments.

The company added that it will now focus solely on its online advertising network of websites, which it says reaches 7 million users each month.

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