From Publishers Weekly:
After a three year effort, World Book Night officials said this morning they are suspending its operations. In a statement, executive director Carl Lennertz cited lack of outside funding as the main reason for ending the book-giving project.
"The expenses of running World Book Night U.S., even given the significant financial and time commitment from publishers, writers, booksellers, librarians, printers, distributors, and shippers, are too high to sustain without additional outside funding," Lennertz wrote.
Lennertz noted that attempts to secure outside grants did not meet with success. "There are a lot of other worthy causes out there, and only so much money available," he said.