The Hollywood Reporter confirmed the cancellation Monday due to low ratings with Telepictures, the syndicated division of Warner Bros.
"We are extremely proud of Anderson and the show that he and the entire production team have produced," Warner Bros. said in a statement. "While we made significant changes to the format, set and produced it live in its second season, the series will not be coming back for a third season in a marketplace that has become increasingly difficult to break through. We will continue to deliver top-quality shows throughout next summer."
"I am very proud of the work that our terrific staff has put into launching and sustaining our show for two seasons," Cooper said. "I am also grateful to Telepictures for giving me the opportunity, and indebted to viewers, who have responded so positively. I look forward to doing more great shows this season, and though I'm sorry we won't be continuing, I have truly enjoyed it."
2014: The Year in Fashion [PHOTOS]