"The Great British Bake Off" competition series is moving from the BBC to Channel 4.
"Working with Love Productions, we have grown and nurtured the program over seven series and created the huge hit it is today," the BBC said in a statement Monday.
"We made a very strong offer to keep the show, but we are a considerable distance apart on the money. The BBC's resources are not infinite. 'GBBO' is a quintessentially BBC program. We hope Love Productions change their mind so that 'Bake Off' can stay ad-free on BBC One."
However, Channel 4 quickly indicated that wouldn't happen when it announced it is the new home of the show after signing a three-year agreement with its producers.
The network said the deal means it will remain on free-to-air television.
"Channel 4 is very proud to be the new home for 'The Great British Bake Off.' I'm delighted we have been able to partner with the hugely talented team at Love Productions to keep this much loved show on free-to-air television," Jay Hunt, Channel 4's chief creative officer, said in a statement.
"We believe we've found the perfect new home for 'Bake Off.' It's a public service, free-to-air broadcaster for whom Love Productions have produced high-quality and highly successful programs for more than a decade," added Richard McKerrow, Love Productions' creative director.
"It's tremendously exciting to have found a broadcaster who we know will protect and nurture 'The Great British Bake Off' for many years to come."
No casting has been announced yet.
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The show was hosted on the BBC by Mel Giedroyc and Sue Perkins, and judged by Mary Berry and Paul Hollywood.