Woodstock 50 has been cancelled.

Rumors swirled about the festival being cancelled earlier this month after the date that tickets were supposed to go on sale had been postponed, but as of last week organizers were adamant that it would continue.

But, as Billboard reports, a statement from festival funders Dentsu Aegis Network says that Woodstock 50 will not happen:

It’s a dream for agencies to work with iconic brands and to be associated with meaningful movements. We have a strong history of producing experiences that bring people together around common interests and causes which is why we chose to be a part of the Woodstock 50th Anniversary Festival. But despite our tremendous investment of time, effort and commitment, we don’t believe the production of the festival can be executed as an event worthy of the Woodstock Brand name while also ensuring the health and safety of the artists, partners and attendees.

As a result and after careful consideration, Dentsu Aegis Network’s Amplifi Live, a partner of Woodstock 50, has decided to cancel the festival. As difficult as it is, we believe this is the most prudent decision for all parties involved.

The festival to celebrate the 50th anniversary of the original 1969 Woodstock Music & Arts Fair was announced last month. Its lineup was scheduled to include the Killers, Miley Cyrus, Dead & Company, Chance The Rapper, Jay-Z, Imagine Dragons, and many more.

UPDATE: Days before this cancellation, Dentsu Aegis Network unsuccessfully attempted a last minute bailout by AEG or Live Nation. Co-founder Michael Lang is still holding out hope the festival can be rescued.