Newzbin2, a popular site that offered links to pirated content, has decided to close down.
It comes 15 months after a UK court ordered internet service providers to block the site, and amid global pressure from copyright holders.
In a statement, Newzbin2's owners said payment providers had "understandably lost their nerve" after the legal action 15 months ago, and that closure was inevitable for financial reasons.
"Newzbin2 was always hoped to be a viable underground commercial venture," the site said, adding: "The figures just don't stack up."
According to the BBC, the Creative Coalition Campaign, which represents groups such as the Motion Picture Association (MPA) and record industry body the BPI, welcomed the announcement.
"This is great news," chairwoman Christine Payne said.
"Pirate websites should not be allowed to trade as this undermines the ability of legitimate businesses to recoup their considerable investment and threatens jobs in the creative sector."
According to the report, Newzbin2 was the follow-up site to the original Newzbin1, which was sued by the MPA, leaving it with massive debts.
The site was taken over by a group of hackers known as Team R Dogs who resurrected the site as Newzbin2, the report said.
In July 2011, a court ruling meant the site had to be blocked to users in the UK.
"Newzbin1 was said to have had 700,000 registered users," the site's statement said.
"In fact that was the total number of people who ever signed up in the history of Newzbin from 2000 onwards," it said.
"Only a fraction were active, loads of people dropped out and went to other sites," it added.
According to the report, apart from Newzbin2, this year has seen The Pirate Bay blocked by all of the UK's major ISPs, a controversial move among campaigners who believe that such censorship is ineffective. (ANI)