Google is killing the print-ad initiative it started with U.S. newspapers in 2006. The money’s just not there, the company said in a blog post.

“In the last few months, we’ve been taking a long, hard look at all the things we are doing to ensure we are investing our resources in the projects that will have the biggest impact for our users and partners,” Print Ads director Spencer Spinnell said on the post. “While we hoped that Print Ads would create a new revenue stream for newspapers and produce more relevant advertising for consumers, the product has not created the impact that we — or our partners –  wanted. As a result, we will stop offering Print Ads on February 28. For advertisers who have campaigns already booked, we will place their ads through March 31.”

Some background: Google Print Ads was started to create a new revenue stream for newspapers by automating the method of selling ads through auctions to the newspaper industry. The program began in November 2006 as a test but it later expanded to about 800 newspapers, including The New York Times, The Los Angeles Times, The Chicago Tribune and The San Jose Mercury News.

The problem is that many newspapers used the program to sell ad space they couldn’t unload themselves, often at below-market rates.

“Financially, it was negligible for both Google and publishers,” Jeffrey Lindsay, an analyst with Sanford C. Bernstein & Company, told The New York Times. “None of these deals amounted to much.”

Not so, said at least one publishing exec, Steve Rossi, CEO of the California Newspapers Partnership, which includes more than 30 daily newspapers owned by the MediaNews Group, Gannett and others. “We got some good business out of it,” Rossi said.

He didn’t elaborate on exactly how much was good business.