The long-running reality television show "Keeping Up with the Kardashians" is set to conclude after 20 seasons. The shocking announcement was made by Kim Kardashian in a statement on Instagram without explaining the reason for the exit.

"It is with heavy hearts that we've made the difficult decision as a family to say goodbye to Keeping Up with the Kardashians," the reality television star wrote on Wednesday.

Meanwhile, new details from unnamed sources of Page Six reveal that the reason behind the show getting canceled by E! cable network is that the Jenner-Kardashian clan asked for a hike in the paycheque. It is said that E!'s parent company NBC Universal "has been hard hit financially by COVID." Subsequently, they lost their flagship show "E!News" as it was replaced by "Daily Pop" and "Nightly Pop."

The report reveals that whenever the stars of the show have suggested the end of the show in the past, the network was always able to bring them back in with bigger salaries. In 2017, the family reportedly renewed its contract with the network for $100 million. It was to last through 2020. However, Kris Jenner and her family expected another hike but were disappointed by the network due to its financial health.

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To our amazing fans - It is with heavy hearts that we’ve made the difficult decision as a family to say goodbye to Keeping Up with the Kardashians. After what will be 14 years, 20 seasons, hundreds of episodes and numerous spin-off shows, we are beyond grateful to all of you who’ve watched us for all of these years – through the good times, the bad times, the happiness, the tears, and the many relationships and children. We’ll forever cherish the wonderful memories and countless people we’ve met along the way. Thank you to the thousands of individuals and businesses that have been a part of this experience and, most importantly, a very special thank you to Ryan Seacrest for believing in us, E! for being our partner, and our production team at Bunim/Murray, who’ve spent countless hours documenting our lives. Our last season will air early next year in 2021. Without Keeping Up with The Kardashians, I wouldn’t be where I am today. I am so incredibly grateful to everyone who has watched and supported me and my family these past 14 incredible years. This show made us who we are and I will be forever in debt to everyone who played a role in shaping our careers and changing our lives forever. With Love and Gratitude, Kim

A post shared by Kim Kardashian West (@kimkardashian) on

Among other factors, Kanye West's mental health issues are reportedly another reason for the end of the series after 14 years. Insiders revealed that Kim had been struggling with her rapper husband's bipolar battle becoming public. She has reportedly "begged the 'media and public to have compassion and empathy' during his latest bouts."

The sources suggest that for the last four years or so, the family has used the show as a "platform to advertise their many, many products and draw new potential customers than as a source of income in its own right." In addition, the cast members' social media seemingly have a bigger following than the show and they seem to be "less tied to the E! series as a marketing machine."

Keeping Up With The Kardashians
Kim Kardashian, Khloe Kardashian and Kylie Jenner reportedly wants to quit the show sparking cancellation rumours. E!

Meanwhile, The Sun is reporting that momager Jenner decided to pull the plug after three of her children Kim and Kourtney Kardashian and Kylie Jenner "threatened to quit the show." Nevertheless, Khloe Kardashian and Scott Disick are said to be hard hit by the news.