The fairytale is over for ABC's Once Upon a Time.

The network has confirmed the fantasy drama will conclude for good in May after seven seasons.

“Seven years ago, we set out to create a show about hope, where even in the darkest of times, a happy ending would always be possible,” Adam Horowitz and Eddy Kitsis, the creators and executive producers of Once Upon a Time, revealed in a statement Tuesday.

“But we never imagined the happy ending that was actually in store for all of us — years and years of adventure, romance, magic, and hope. We’re so grateful to our brilliant collaborators — the cast, crew, and writers — as well as our partners at the studio and network for making this journey possible."

"But most of all, we want to thank the fans. Their fierce loyalty and devotion was the real magic behind Once Upon a Time. We hope they join us for these last few hours as we journey to the Enchanted Forest for one more adventure.”

“When we first heard Adam and Eddy’s pitch for Once Upon a Time, we knew it was something incredibly special," adds ABC President Channing Dungey.

"For seven years, they have captivated us with their creativity and passion while reimagining some of our most beloved Disney fairytales, creating an undeniable global hit."

"Saying goodbye will be bittersweet, but Once Upon a Time will forever be part of the ABC legacy and we can’t wait for fans to join us in this epic final chapter.”

News of the show's demise is unsurprising when you consider the erosion in ratings. Once Upon a Time Season 7 is averaging 2.5 million viewers and a 0.6 rating among adults 18-49.

That's down over 40 percent vs. Once Upon a Time Season 6. With the move to Friday nights and the loss of much of the original cast, the odds were always stacked against the series when it returned for a rebooted seventh season.

The show is currently on hiatus and is scheduled to return to the air on Friday, March 2 at 8/7c.