Why 'Big Bang Theory' Will Be Canceled After Season 12

"Big Bang Theory's" upcoming 12th season will be the last for the hit CBS sitcom.

According to Entertainment Weekly, CBS and Warner Bros. decided to ax the show because Jim Parsons was ready to exit the franchise. Initially, the actor alongside with his co-stars, Johnny Galecki, Kaley Cuoco, Kunal Nayyar, and Simon Helberg, were in negotiations to receive more than $50 million in profit if they agreed to star in "Big Bang Theory" for two more seasons.

However, Parsons decided to leave the franchise after Season 12. The award-winning actor plays the role of Sheldon Cooper in the show. Following the cancelation announcement, the heads of the show released a statement.

"We are forever grateful to our fans for their support of 'The Big Bang Theory' during the past 12 seasons. We, along with the cast, writers, and crew, are extremely appreciative of the show's success and aim to deliver a final season, and the series finale, that will bring 'The Big Bang Theory' to an epic creative close," the statement read.

Cuoco, who plays the role of Penny, also expressed her sadness over the cancelation of "Big Bang Theory." On her Instagram account, the actress uploaded a cast photo that also featured Mayim Bialik and Melissa Rauch.

"This ride has been a dream come true and as life-changing, as it gets. No matter when it was going to end, my heart would have always been broken in two. Drowning in tears, we promise to bring you the best season yet," she captioned the snap.

Cuoco also took the time to thank all of the fans of "Big Bang Theory" for all of their love and support throughout the first 11 seasons.

"We are going out with a bang," she concluded.

"Big Bang Theory" Season 12 is expected to have a total of 24 episodes just like the previous seasons. This means that the sitcom will officially wrap up sometime in May 2019. The first episode for Season 12 will air on Sept. 24 at 8 p.m. EDT on CBS.

Filming has also begun on the set of "Big Bang Theory" Season 12 this week.