The company that signed a groundbreaking licensing deal with ABC in July, to revive canceled soaps “One Life to Live” and “All My Children” on a new Web network, officially threw in the towel on the plan Wednesday afternoon.

“After five months of negotiations with various guilds, hundreds of presentations to potential financial and technology partners, and a hope that we could pioneer a new network for the future, it is with great disappointment that we are suspending our aspirations to revive ‘One Life to Live” and ‘All My Children’ via online distribution,” Prospect Park principals Rich Frank and Jeff Kwatinetz said Wednesday in a statement

ABC had announced in April it was driving a stake into “Children and “One Life” in order to launch two new “The View”-esque shows – “The Chew” and “The Revolution.”

 The deal to resuscitate the two decades-old soaps online, using the same cast, crew and talent, was brokered in July. They’d find a new home on Online TV Network, which was first slated to launch in the first quarter of ’12.  “One Life” was supposed to debut first, and “Children” became a bench warmer. 

 The two said they had succeeded in narrowing in on a financial model that would work to transfer the two shows from broadcast TV to the new Online TV Network, but “the contractual demands of the guilds, which regulate our industry, coupled with the program’s inherent economic challenges ultimately led to this final decision.”

 “In the end, the constraints of the current marketplace, including the evolution and impact of new media on our industry simply proved too great a match for even our passion.”