"Community" fans were left depressed when the show was canceled by NBC at the end of its five-season run, but now NBC Chairman Bob Greenblatt has addressed the issue and revealed that renewing "Community" for another season didn't make sense.

At the Television Critics Association fall previews on Sunday, Greenblatt announced that Oscar winner Christopher Walken has been cast as Captain Hook for its upcoming live musical production of "Peter Pan." Alongside his announcement, he addressed questions raised about the shows that the network axed this year and updates on the ones that got renewed and are still upcoming.

"It just didn't make sense for us to have another season if it [remained] at that level of audience," Greenblatt said.

"Yahoo is in a different business than we are trying to build their platform," he gushed. "They made an extraordinary deal that we're the co-owners of that show, and we're going to make money on it right away, which wouldn't have been the case if it had been on the network for another year."

Then, Greenblatt resumed to explain that there never was a solid plan to create six seasons and a movie right from the get-go.

"You're never off the hook. That [six seasons and a movie] thing was created by them. I'm surprised they didn't say 10 seasons and movie, right? It was before my time," he said.

"I don't know if we'll ever know how many people watch it on Yahoo. I guess we will. I'm curious to see if they can get a bigger audience than we did." Greenblatt concluded.

For the most part, "Community" had always been on the cancellation bubble after every season, with its fifth season suffering 3.8 million views and a 1.6 rating in the 18-to-49-year-old demographic, including DVR playback, noted Entertainment Weekly.

Fortunately, for avid and loyal fans of the show Yahoo Screen decided to commit to the series, ordering a 13-episode sixth season.

"I look forward to bringing our beloved NBC sitcom to a larger audience by moving it online," Dan Harmon said of the big move "Community" has made.

"I vow to dominate our new competition. Rest easy, Big Bang Theory. Look out, Bang Bus!" he added.