It has been running on the corporation for seven seasons
The BBC has confirmed the current series of 'The Great British Bake Off' will be the last seen on the corporation.
The broadcaster said it lost the contract to broadcast the show to rival Channel 4.
Love Productions said negotiations with the BBC had been taking place for a year, with a last-ditch meeting on Monday.
In a statement, the BBC said: "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 quintessentially a BBC programme. We hope Love Productions change their mind so that Bake Off can stay ad free on BBC One."
The opening show of the current 7th series was watched by an average of 10.4 million viewers, according to the BBC.
The show is hosted by Mel Giedroyc and Sue Perkins, with Paul Hollywood and Mary Berry as judges.
UK broadcaster Channel 4 has since announced that it will now broadcast the programme.
We're delighted to announce that we have a bun in the oven. #GBBO is coming to Channel 4!— Channel 4 (@Channel4) September 12, 2016