UPDATED: The late-night talk show will end its run in June after more than 70 episodes.

A week after extending Conan O'Brien's show for another three years, TBS has canceled his late-night companion.

TBS' late-night talker The Pete Holmes Show will not be back for a third cycle, The Hollywood Reporter has learned.

The midnight show starring comedian Pete Holmes will end its run June 19 after more than 70 episodes. TBS launched the series with a seven-week run in 2013 and renewed the four-night-a-week series for a second season of 13 weeks in January.

"We recognize Pete as one of the most relevant comedians working today," TBS said in a statement. "We loved the show and gave it two chances. We just couldn't draw the audience needed to justify a third round. We hope we'll get to work with him again."

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The Pete Holmes Show aired after Conan Monday through Thursday and during its first run averaged 500,000 viewers with a median age of 36. Produced by O'Brien and his Conaco banner alongside Jeff Ross, David Kissinger, Nick Bernstein and Dave Rath, the series loses more than 350,000 viewers from its lead-in.

Holmes, in a lengthy post on his Facebook page Friday afternoon, expressed his gratitude to O'Brien and the show's crew and producers. "I talked to and worked with my heroes. I met incredible athletes and filmmakers. I shook hands regularly with a puppet. I got to work everyday in a magical chocolate factory of joy side by side with some of my best friends laughing and being silly all day. And then I got to share it with our fans. It was an absolute dream come true," he wrote.

TBS' decision to cancel the Holmes show comes amid a sea change in the late-night space on broadcast and as cable networks have struggled to carve out space in the increasingly competitive genre. MTV canceled Nikki & Sara Live -- its foray into late-night -- in November after two seasons; FXX dropped Totally Biased With W. Kamau Bell after two runs; and Comedy Central opted to not move forward with its Anthony Jeselnik-fronted topical show The Jeselnik Offensive after two runs.

Meanwhile, Comedy Central has found success with its Chris Hardwick-hosted late-night series @Midnight; Bravo re-upped Andy Cohen and his Watch What Happens Live for two more seasons; HBO is off to a strong start with its John Oliver weekly series; and Comedy Central has tapped Larry Wilmore to host its new 2015 weeknight show, The Minority Report, after Stephen Colbert was tapped to replace David Letterman on CBS' The Late Show.

Email: Lesley.Goldberg@THR.com

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