Netflix and Marvel have cancelled 'Iron Fist' after two very poor seasons of television.

The news was announced late last night, with a joint statement released by both parties confirming rumours that had been circulating for some time. "Everyone at Marvel Television and Netflix is proud of the series and grateful for all of the hard work from our incredible cast, crew and showrunners. We’re thankful to the fans who have watched these two seasons, and for the partnership we’ve shared on this series. While the series on Netflix has ended, the immortal Iron Fist will live on."

The last part of the statement most likely refers to the possibility of a second season of 'The Defenders', however Marvel Television chief Jeph Loeb previously told a Reddit AMA session that there were no plans to make one happen. Charlie Cox, who stars in the far better 'Daredevil', admitted that while the first season of 'The Defenders' had its problems, a second season could work.

"I would like to see a story that is more in keeping with the shows that we make, which is a little bit more grounded, a little more boots on the ground," Cox told Metro in a recent interview. "I don’t want to see us try and compete with the Avengers in terms of the scope. I’d like to see The Defenders in more of a crime drama that happens in Hell’s Kitchen underground. That’d be fun."

As it stands, 'Daredevil' returns to Netflix this week on October 19th, but you won't be seeing 'Iron Fist' any time soon.