MADtv is about to have its last laugh.

After being on the brink of cancellation in recent years, the Fox sketch comedy series will wrap up for good after this season — its 14th — The Hollywood Report reports.

"MADtv has been one of the longest running series in recent television history," Kevin Reilly, Fox president of entertainment, said in a statement. "The fact that this Emmy Award-winning show has been a Fox mainstay in late-night for 14 years is a testament to the creativity and dedication put forth each week by the talented cast, writers and crew. This was a very difficult decision and we would like to give our heartfelt thanks to everyone at MADtv for making us laugh for over 300 irreverent episodes."

Developed as a rival to NBC's Saturday Night Live, MADtv had incurred too large of a production bill over the years, according to co-creator David Salzman, thus leading to its cancellation. The series had already received a truncated episode order and will finish production in December.

This is the second long-running comedy franchise Fox has nixed in the past month. King of the Hill received its pink slip two weeks ago, but may find a new throne at ABC. Salzman is hopeful MADtv can be resurrected elsewhere as well.

"There's a long list of parties that have called us, including a few very recently, and we're going to start conversations with them very shortly," he said.