Will the Victoria's Secret Fashion Show still air on TV in 2019? Nope, says CEO — but it's not dead

Adios, angels.

While the annual Victoria's Secret Fashion Show isn't totally disappearing, it almost certainly won't air on TV as it has for the past 23 years. CNBC obtained a memo on Friday from L Brands CEO Les Wexner, who wrote that network television is no longer the "right fit" for its annual bra and panty spectacular.

"Fashion is a business of change. We must evolve and change to grow," Wexner wrote. "With that in mind, we have decided to re-think the traditional Victoria's Secret Fashion Show."

The December 2018 broadcast, which featured buzzy names like Kendall Jenner, Barbara Palvin and Gigi Hadid, pulled in the worst ratings in VS Fashion Show history. Performances from Shawn Mendes, The Chainsmokers and other hot artists didn't do much to resolve the slump.

Wexner teased a revamp of the traditional show structure that will "push the boundaries of fashion in the global digital age."

While Wexner indicated that TV is off the table, it's not yet known where the VS Fashion Show will ultimately land and how dramatically the format will change. Historically, the runway show has taped weeks before it actually airs on TV, leaving open the possibility that this year's version could be a live event.

The lingerie chain has struggled to adapt to a changing landscape, maintaining its glittery pink aesthetic as other brands have opted instead to embrace a more real-world vibe. The Victoria's Secret supermodel-heavy strategy is often cited as a contrast to American Eagle's Aerie brand, which touts its use of diverse, un-retouched models.