'Punky Brewster ' Revival Starring Soleil Moon Frye Canceled at Peacock

Peacock won't be moving forward with more Punky Brewster.

The streaming network has canceled the Soleil Moon Frye-led revival of the popular '80s sitcom after just one season, PEOPLE can confirm.

"Punky Brewster was a beloved series that tackled meaningful storylines with so much heart," NBCUniversal Television and Streaming president Lisa Katz said in a statement to PEOPLE. "It was a bright light for so many viewers and we are forever grateful to Universal Studio Group, the producers, the cast and crew and especially to Soleil Moon Frye for reigniting the Punky Power within everyone."

This is the first half-hour comedy series that Peacock has canceled.

The show's 10-episode first season, which debuted on Feb. 25, followed professional photographer Punky — now a mother of three in her 40s — as she worked to rediscover her Punky Power after divorcing her husband (played by Freddie Prinze Jr.).

Punky Brewster originally aired on NBC from 1984 to 1986. It was canceled by NBC after two seasons but later revived for two more seasons in syndication.

Despite the initial low ratings, the series was a huge hit for kids in the late 1980s, focusing on various real-life issues, such as the "Just Say No" campaign and the Challenger space shuttle disaster.

Aside from Frye, original series star Cherie Johnson also returned for the revival. The pair were just kids when the original series ran.

"It's surreal and so real," Frye, 45, told PEOPLE back in February during a virtual visit to the set. "For me, Punky and Punky Power is such a part of my heart and my life. I rediscover so much about myself through her, so it's been a dream come true."

"It's magical," Johnson, 45, added. "I'm 6. Six years old, all over again, sitting next to my best friend."

Frye had been retweeting and sharing fan support for the show on social media as of late, in hopes for a season 2 renewal. Sources told The Hollywood Reporter, who first broke the cancelation news, that the actress and the show's executive producers wanted more seasons, but that executives at NBCUniversal's streamer passed despite liking the series.

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Speaking to PEOPLE in February, Frye said that she's carried the "Punky Power" with her through the years.

"Punky Power is such a part of my heart and soul," said Frye, who is a mom of four. "I think there's been so many times throughout life that I have had those moments that we all do, where we have our insecurities or we question things and maybe we sometimes lose ourselves to some extent, and Punky Power has been my way of finding my way back home."