This just in, a joint statement from the CW and Warner Bros.:
"Announcing the final season of Gilmore Girls is truly a sad moment for everyone at the CW and Warner Bros. Television. This series helped define a network and created a fantastic, storybook world featuring some of television's most memorable, lovable characters. We thank Amy Sherman-Palladino, Dan Palladino, Dave Rosenthal, the amazing cast led by Lauren Graham and Alexis Bledel, as well as the producers, writers and crew, for giving us this delightful gem for the past seven years. We would also like to thank the critics and Gilmore fans for their passionate support and promise to give this series the send-off it deserves."
What will now be Gilmore Girls' series finale airs Tuesday, May 15.
UPDATE: As forecast, the Ausiello Report has more on exactly why CW is saying, "No more" to Gilmore.
UPDATE: How do you feel about CW's decision? Vote here.