The spokesperson went on to add that whilst the network was "sad" to farewell the long-running program after so long on air, the cancellation needed to happen.
"The decision to cease production of Studio 10 comes after a change in viewing habits in daytime television," the statement continued.
"In 2024 there will be a new morning lineup with an increased focus on news and current affairs later in the day."
WATCH NOW: Denise Scott quits Studio 10. Article continues after video.
Whilst it's not currently clear what the new daytime programming will look like, it's not a huge shock to viewers that Studio 10 has been canned.
In November 2022, host of nine years Sarah Harris announced she would be moving on from the program, for a new role on The Project.
Angela Bishop, Narelda Jacobs, Daniel Doody, and Tristan MacManus were all left behind to co-panel the show.
Despite their best efforts, however, ratings for Studio 10 plummeted to an average of just 10,000 viewers in the five-city metro in its final year on air.
In an additional statement shared on social media, the panelists reflected upon the "long and wild ride" they had been on across more than 2,500 episodes of the show.
"Ang, Tristan, Narelda, and the gang will all be remaining with Channel 10, as will the majority of our hard-working and beloved behind-the-scenes crew," they shared.
"We will be on the air until the end of the year, with our final show set for Friday, December 22. We promise you, we'll be going out with a bang."
"Thank you all, from the bottom of our hearts, for your eyes, ears, hearts, and support over what's been a truly magical decade. We'll see you all down the road."