In a statement following the announcement, the company said it was "excited about future possibilities for Big Brother in the UK".

"Whilst disappointed not to reach an agreement with Channel 5 the decision opens up a new chapter and we are excited about future possibilities for Big Brother in the UK,” it said.

Endemol was also quick to point out that the reality series had regularly been the highest rated on Channel 5 during its seven year stint there and that the latest run of the celebrity version, which concluded on Monday, had grown its audience, particularly in terms of the much sought after youth demographic.

“We are incredibly proud of Big Brother which has consistently been the highest rated show for Channel 5 over the past seven years, with the latest series of Celebrity Big Brother being the channel’s highest rating show of the year, growing its’ audience year on year by 17% and tripling the channel’s slot average for 16-24s. This performance is credit to the fantastic production team, plus [presenters] Emma, Rylan, Marcus and the many housemates over the years who have delivered so many unmissable series."

• ANALYSIS: If this is the end, remember: Big Brother is still the godfather of reality TV

Endemol have made Big Brother since it first aired in the UK on Channel 4. It was axed by the broadcaster in 2010 but made its return on Channel 5 the following year.

Channel 5's contract with Endemol was known to have been coming to an end this year and programmes boss Ben Frow had been hinting for some time that it might not be renewed.

In August 2017 he admitted at the Edinburgh Television Festival that “I would be much happier if the channel did not have Big Brother on it,” and in April this year he said the series would not be returning "in its current form", adding that the ball was in "Endemol Shine's court" as he sought a reduction in the show's budget.

The last Channel 5 series of Big Brother launches on Friday 14th September at 9pm