Following the news, Lucy took to her Instagram page to tell fans the programme had been, "one of the highlights of my life," and a, "joy from top to bottom".
"This is a job that has broken my heart multiple times... It will take some time to get over it," Lucy said, admitting the video was one of several takes as she'd been a "blubbering mess".
"I just wanted you all to hear that the show is not coming back and that sucks, but I'll hold my head high. Who knows what I'll do next. We'll see," she concluded.
Despite the cancellation, Deadline reported that Warner Bros. Television, the studio behind the show, is looking for a new home for the series. According to the website, the best option is HBO Max, as "Katy Keene" is already streamed on the service.
Options on the cast had previously been extended until July 31, which means Warner Bros. has until then to find a new network for the show. After that, the actors and crew involved in the show will be allowed to look for new jobs.