The following correction was printed in the Guardian's Corrections and clarifications column, Wednesday 22 July 2009

"Light years before the internet revolution … ", the article below began. A light year is a measure of distance, not time.

In a time Light years before the internet revolution, Teletext's clunky, often derided, television text news service reigned supreme as the interactive experience of choice in UK households.

But time has finally caught up and the core news service will disappear from TV screens after 17 years, a victim of declining profits and the internet, although other branches will continue. It will switch off in January, putting 70 jobs at risk.

When Teletext launched in 1993 it replaced the ITV-run Oracle, which started in 1974 and provided news, sport and weather information, as well as TV schedules. The BBC has run a similar Ceefax service since 1974.

"We investigated and researched every means to keep the news service going, but in the end we couldn't find a viable option," said Mike Stewart, the group managing director at Teletext.

"The continued fragmentation of television audiences and the boom in online use for news, information and commercial services have contributed to a significant reduction in Teletext's viewing figures."

Stewart said Teletext's TV news and information operation had been making a loss for three years. Revenue had fallen 50% since 2003.

Teletext, owned by the Daily Mail's parent company, Daily Mail & General Trust, is available on ITV, Channel 4, Channel Five and some Sky and Freeview channels.

DMGT said Teletext Holidays, which is broadcast on Freeview, would continue, as would the increasingly profitable Teletext web operation, which includes teletextholidays.co.uk, thisistravel.co.uk and villarenters.co.uk. "The company will focus on these assets. The removal of loss-making TV activities will allow investment in these businesses to accelerate," Stewart said.

DMGT partly blamed the media regulator Ofcom for the closure of the service.

In January Ofcom said Teletext might lose its public service licence after 2014, meaning it would have to pay for the signal carrying its text-based news service.

Teletext had previously said its public service obligation, to provide a minimum of 30 pages of national news and a minimum 12 of regional news, was "unsustainable". In February Teletext cut its news output, axing 16 jobs, and outsourced content to the Press Association news agency. Teletext had revenues of £41m in its last full financial year, to 28 September. While its TV business declined 13%, its online operation moved into profit.

A BBC spokesman said its analogue Ceefax service would be phased out as the digital switchover is completed in 2012. The Ceefax name will disappear after 38 years, but the digital text services will be moved to the BBC's red button service.

The BBC has offered interactive services through the red button for 10 years. The latest innovation will be "maestro cam", introduced for the BBC Proms to allow viewers to get a close-up of what conductors are doing at each performance.