The CEO of Victoria’s Secret said in a memo to staff Friday that the broadcast networks are no longer “the right fit” for its annual fashion shows, which have been declining in the ratings over the past few seasons.

In a memo obtained by CNBC, L Brands CEO Les Wexner wrote that “fashion is a business of change. We must evolve and change to grow. With that in mind, we have decided to re-think the traditional Victoria’s Secret Fashion Show.”

“Going forward we don’t believe network television is the right fit,” he continued. “In 2019 and beyond, we’re focusing on developing exciting and dynamic content and a new kind of event – delivered to our customers on platforms that she’s glued to … and in ways that will push the boundaries of fashion in the global digital age.”

ABC and CBS both declined comment on Wexner’s memo when contacted by Deadline on Friday.

CBS had aired the Victoria’s Secret Fashion Show for 15 seasons before it moved to ABC last year. In December, the latter network aired The Victoria’s Secret Fashion Show Holiday Special on December 2 (a Sunday, opposite Sunday Night Football). It drew 3.3 million viewers and a 0.9 rating in the adults 18-49 demographic, dropping from the previous year’s all-time low numbers in both metrics.