The BBC has lost the Great British Bake Off to Channel 4, the channel confirmed.
The current series of The Great British Bake Off will be the last to air on the BBC.
The production company behind the show has signed a new three-year deal with Channel 4.
ITV News understands negotiations with Love Productions and the BBC were on-going until this afternoon.
It is also believed the production company will have a conversation with the current cast about what a move to Channel 4 would mean.
The first Bake Off programme planned to broadcast on Channel 4 will be a celebrity version of the show in 2017, in aid of Stand Up to Cancer.
Video report by ITV News reporter Nazanine Moshiri
Negotiations broke down between the BBC and Love Productions after the production company pushed for a significant increase in its fee.
The show, starring Paul Hollywood and Mary Berry, is thought to be worth as much as £20m per year to a commercial broadcaster.
Tonight Mary Berry told ITV News she would not be commenting on the news.
The opening show of the current series, the seventh, was watched by an average of 10.4 million viewers.
Richard McKerrow, Love Productions Creative Director said: "We believe we've found the perfect new home for Bake Off. It's a public service, free-to-air broadcaster for whom Love Productions have produced high quality and highly successful programmes for more than a decade.
"It's tremendously exciting to have found a broadcaster who we know will protect and nurture The Great British Bake Off for many years to come."
The BBC added: "Working with Love Productions, we have grown and nurtured the programme over seven series and create the huge hit it is today.
"We made a very strong offer to keep the show but we are a considerable distance apart on the money. The BBC's resources are not infinite.
"GBBO is a quintessentially BBC programme. We hope Love Productions change their mind so Bake Off can stay ad free on BBC One."