The BBC has pulled out of a bidding war for Australian daytime soap Neighbours.
BBC One controller Peter Fincham, who broke the News
on the BBC's One O'Clock News
, said the broadcaster had been asked to pay "roughly three times" what it had previously paid, amounting to £300 million over eight years.
Fincham said it was too early to discuss what would replace the programme.
The show has appeared on BBC One since 1986, but the BBC said the new offer for the show was an "an unrealistic price demand," and the cost "would have compromised our ability to invest in new original programmes."