Fox has axed sketch show MADtv after 14 years, the network announced Thursday.

The SNL-style series, which airs Saturday nights, will wrap with its 326th episode in May 2009.

Fox president Kevin Reilly said the decision was "difficult" and praised the "creativity and dedication" of the show's cast and crew. It is thought that the show's production costs proved too high for the network in light of declining ratings.

Exec producer David Salzman told The Hollywood Reporter that he is hopeful the show can continue on another network: "There’s a long list of parties that have called us, including a few very recently, and we’re going to start conversations with them very shortly."