"After five months of negotiations with various guilds, hundreds of presentations to potential financial and technology partners, and a hope that we could pioneer a new network for the future, it is with great disappointment that we are suspending our aspirations to revive 'One Life to Live' and 'All My Children' via online distribution," the duo said in a statement. "It is now becoming clear that mounting issues make our ability to meet our deadlines to get 'OLTL' on the air in a reasonable time period following its January 13, 2012 ABC finale impossible."
ABC canceled the soaps in April. Soon after the cancellations, Prospect Park announced a new licensing agreement to bring both beloved shows back to life via The Online Network. The company signed several actors, including 'One Life to Live' heavy-hitter Erika Slezak, and behind the scenes people like 'OLTL' executive producer Frank Valentini.
"We believed the timing was right to launch an Online TV Network anchored by these two iconic soap operas, but we always knew it would be an uphill battle to create something historical, and unfortunately we couldn't ultimately secure the backing and clear all the hurdles in time," they said. "We believe we exhausted all reasonable options apparent to us, but despite enormous personal, as well as financial cost to ourselves, we failed to find a solution."
Prospect Park said the economic challenges proved too difficult.
"In the end, the constraints of the current marketplace, including the evolution and impact of new media on our industry simply proved too great a match for even our passion," the said. "In our opinion, new models like this can only work with the cooperation of many people striving to make them happen, and we would like to thank and praise the numerous people who tried to help and showed us incredible support. We are extremely grateful to the fans and media who showed great support to us through this process, to ABC who did everything in their control to help, and we are especially grateful for the support and encouragement from many of the soaps' cast and crew themselves."
The announcement comes after months of speculation by both fans and the players involved. Susan Lucci recently released a statement saying she'd like to move online with 'All My Children' but dialogue with Prospect Park had ceased.
"Of special note, we would like to thank Frank Valentini (Executive Producer), Ron Carlivati (Head Writer of OLTL), Agnes Nixon, many of the cast of 'OLTL' including Michael Easton, Ted King, Kelley Missal, Melissa Archer, and of course Erika Slezak all of whom signed on quickly and did all they could to help, as well as our own Christine Sacani," Kwatinetz and Frank said. "Cameron Mathison and Lindsay Hartley also get our sincerest thanks for their support."
"We feel terrible we couldn't come through for them and we were very much looking forward to working together."
Watch the final scene from 'All My Children' below.
Tell us: Will you miss 'All My Children' and 'One Life to Live'?