Rumors about the fate of the show have been swirling for weeks, but A&E did not announce its decision to cancel it until Monday.
Best known for his roles in the films "The Outsiders," "Red Dawn," "Dirty Dancing," "Ghost," "Point Break" and "Road House," Swayze has been battling pancreatic cancer for more than a year. He filmed 13 episodes of "The Beast," the season finale of which aired April 23, while undergoing treatment for the disease.
The Hollywood Reporter quoted A&E President Bob DeBitetto as saying Swayze's work on the show was "an inspiration to us all" and the series "has truly been a labor of love for everyone."
DeBitetto added, however, that "after careful deliberation we have reluctantly decided not to attempt a second season."
Swim Week Miami Beach 2014 [PHOTOS]