"In light of the overwhelming tragedy at Mt Everest and respect for the families of the fallen, Discovery Channel will not be going forward with Everest Jump Live," says Discovery in a statement.
"Our thoughts and prayers go out to the whole Sherpa community."
The sherpas who died were carrying equipment and supplies for various mountain climbers, including those involved in the upcoming TV production.
The Everest Jump Live event would have followed a jump from climber Joby Ogwyn with cameras.
Thursday evening's avalanche is the deadliest ever which took place at Mt. Everest.