Sony Pictures and CBS pulled the plug on "The Queen Latifah Show" after two seasons, as the show struggled with expenses, competition, and less than satisfactory ratings, The Hollywood Reporter claimed.

Queen Latifah's show is being taken off air as it finishes the second year of its two-year contract with Sony Pictures Television.

The show's cancelation was reportedly due to how expensive it was for Sony to produce, market and license. Because of that, it was imperative that the show did well amidst other daytime shows such as Disney's "Live with Kelly and Michael" and NBC's "The Today Show."

Latifah's show, however, was averaging a 0.6 from 2014 to 2015 among the key daytime audience of women from the ages of 25 to 54. It went down 0.7 since its first year, which executives considered not a good sign.

The cancelation of "The Queen Latifah Show" will bring losses to companies such as investor Sony Pictures; Overbrook Entertainment, which houses partners such as Will Smith, Jada Pinkett Smith and James Lassiter; and the show's producer Flavor Unit Entertainment, which is a joint production company of Latifah and Shakin Compere.

Sony Pictures officially announced the news on Friday and released a statement to thank the staff and Dana Owens, a.k.a. Queen Latifah, according to US Weekly.

"We want to thank Dana, the producers and the entire staff of 'The Queen Latifah Show' for creating a program that we are all very proud of," the statement read. "Thank you also to our terrific station partners and advertisers wo supported the show."

Latifah also confirmed the cancelation via a Facebook post, where she addressed the issue, saying, "Dear Dana, Just a little note to say Thank You. Thank you for your strong work ethic and great effort in getting The Queen Latifah Show off the ground and running," she wrote. "You can also say you have been a blessing to and been blessed by amazing guests and incredible audiences for this show."

"We truly changed people's lives for the better," she added. "The most important thing in life is that you wake up every single day and take chances. No matter what the outcome...believe in yourself and continue to fly."