British broadcaster Channel 4 says it has canceled "Celebrity Big Brother 2008," admitting the current cycle of the reality show has been a bust.

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The broadcaster, facing a cash crunch, said it would revise its schedule to accommodate the squeeze, The Times of London reported. American programming and reality shows will be cut to make way for a "creative renewal," officials said.

The flagship "Celebrity Big Brother" became tarnished after charges of racism and bullying were leveled against several participants, prompting 54,000 complaints and serious censure from Britain's media watchdog Office of Communications.

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"It's time to give 'Celebrity Big Brother' a rest. It dominated debate about the channel," said Kevin Lygo, Channel 4's director of television. "It's a risk and ratings will probably fall. But there is no point in Channel 4 existing if we don't take risks and create space for new programs."