According to The Hollywood Reporter, sinking ratings for both shows during recent weeks prompted the decision.
Both programmes are produced by Universal Media Studios.
Spy thriller My Own Worst Enemy was expected to be a hit for the broadcaster after being placed in the post-Heroes timeslot. However, with Heroes' ratings falling, the show struggled to maintain viewers.
Lipstick Jungle, which stars Brooke Shields and Kim Raver, was on its second season.