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Not too long ago it was reported that Facebook is going to build a new satellite through which it’s going to provide internet access to far-flung corners of the Earth, but according to a new report the company has given up on this plan due to the costs associated with it. Though Facebook never put a number of it, some reports suggested that this project could cost up to one billion dollars, so one can understand why Facebook would consider backing away from it.

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Facebook never really officially announced this project, but several major scribes cited sources which were aware of these plans. It was said that Facebook would use the satellite to provide cheap internet access to developing countries.

A new report published by The Information today states that the major reason for Facebook to abandon this project before it was even formally announced is the cost, apparently the company feels it can do without sinking close to a billion dollars in this project.

The report cites “a person with direct knowledge of the project and a person briefed about it,” adding that this doesn’t mean Facebook is giving up on the idea altogether.

If the company decides to go ahead with this it may not develop its own satellite but it could lease a satellite from some other provider in order to give cheap internet access to developing countries, but so far the company has not confirmed if it has any plans of doing that.

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