Skins launched in January and immediately caused controversy with the Parents Television Council, who claimed that the show breached child pornography laws.
Despite being defended by both MTV and the show's creator Bryan Elsley, many brands - including Taco Bell, Subway and Wrigley - dropped out of advertising in the show because of the media storm.
"Skins is a global television phenomenon that, unfortunately, didn't connect with a US audience as much as we had hoped," MTV said in a statement.
"We admire the work that the series' creator Bryan Elsley did in adapting the show for MTV, and appreciate the core audience that embraced it."
Away from the screen, the underage Skins cast also provoked outcry when they took part in an underwear shoot for Elle, which the PTC labelled as "troubling".
The UK version of Skins recently aired its fifth series and will receive a sixth outing in 2012.