Owners and players were still unable to agree on how to split the league's revenue and put an end to the lockout.
"It's not practical, possible or prudent to have a full season now. We held out that joint hope together, but in light of the break down of talks, there will not be a full NBA season under any circumstances," Stern said.
The two sides were struggling on many issues, including revenue sharing, the length of the deal and player raises.
"We were giving and taking and moving in very positive ways, including, from our perspective..., two big gives on contract length and the mid-level exception, and then we hit a wall," Stern said.
Owners are insistent on a 50-50 split of revenues, while players last formally proposed they get 52.5 percent, leaving them about $100 million apart annually. Players were guaranteed 57 percent in the previous collective bargaining agreement.
No further talks have been scheduled. Union president Derek Fisher said it was difficult to say why talks broke down, or when they would start up again.
The Associated Press contributed to this report.