NEW YORK (

TheStreet

) --

Facebook

is reportedly pulling the plug on its daily deals service.

According to

Reuters

, the social networking giant is ending its competition with

Groupon

and others who have entered the booming space of late after just four months of testing among its members. The service will be shuttering in "coming weeks," Facebook said in an emailed statement, the

report

stated.

Facebook has more than 750 million active users, but is facing increased competition from

Google

(GOOG) - Get Report

and its

Google Plus

service.

The stakes are rising in the daily deals business as well with Groupon and

LivingSocial

both pursuing initial public offerings to build up their dry powder, and more and more players getting in the act, such as

Local.com

(LOCM)

, which agreed to acquire the operator of the

Screamin' Daily Deals

web site in early July to augment its Spreebird offering.

--

Written by Michael Baron in New York.

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Michael Baron

.

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