Timeless type TV Show network NBC

Time’s up for Timeless: NBC has officially passed on making a third season of the show, EW has learned.

The cult-favorite time-travel drama has been axed by the network after a lengthy decision-making process over whether to renew the show for weeks.

Friday’s news will surely be disappointing for fans because the season 2 finale ended on a major cliffhanger. All may not be lost, however: Sources say there are discussions between the network and studio Sony Pictures Television about wrapping things up in a two-hour movie — if they can find a financially agreeable path. But those talks have been going on for awhile and it’s unclear if anything will come of them.

The time-travel drama stars Abigail Spencer, Matt Lanter, and Malcolm Barrett, who are expected to be released from their contracts by the end of the month.

This actually marks the second time the network has axed the Shawn Ryan and Eric Kripke series. Last year when NBC pulled the plug after the show’s modestly rated debut season, fan outcry prompted NBC executives to quickly reconsider their decision. But in its second season, Timeless only averaged 4.2 million viewers and a 1.0 in the demo. This time the show’s fate is permanent — at least as a full-fledged series on the NBC side. Could Sony find a home elsewhere? Anything’s possible in the streaming era, but there has been no movement on that front.

NBC and Sony declined to comment.

Ryan reacted to the news on Twitter, writing, “This is a sad day for the writers, actors, crew and especially the viewers of Timeless. We are all extremely proud of what we made and know that it was more than just a show for so many of our fans. It became a passion and a cause for many of them.” He added, “If NBC is sincere in wanting a 2 hour movie to give much needed closure to our amazing @NBCTimeless fans, we are ready to make it.”

Kripke also tweeted his thanks to the “cast, writers, crew and most all all, the #clockblockers for your brilliance & passion. I love you all.”