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Why was this, one of the shows which had the best sci-fi plots, cancelled over 'V'?

It's even rated 7.5 on IMDB, while we see many other lower-rated shows run for a long time!

Is there a chance that another network might bring this show back? Has any other network mention the possibility?

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The show was cancelled due to plummeting ratings:

Although launching to large audiences of 12.47 million viewers in the U.S., the show's ratings rapidly declined to ratings about one-third that figure.

Meanwhile, V managed to premiere with lower ratings, but they lost less of their audience over time:

On Tuesday, ABC Entertainment President Steve McPherson explained the difficult decision this way, “It was a ‘Sophie’s Choice.’ In the end, FlashForward didn’t engage audiences like we hoped. For V, I get more anecdotal calls and emails than any other show on the schedule. A huge part of rebuilding the network is about taking chances. Some shows just don’t work out.”

Given that all of this happened 3 years ago, and there's been no news of a resurrection of the show, it's safe to assume it's not coming back.

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