It looks like Once Upon a Time is finally ready to give us its very last happy ending.

TV Guide has confirmed that Season 7 of ABC's fairytale drama will be its last, with the series finale airing sometime in May.

Season 7 of Once Upon a Time served as a reboot for the show after losing six series regulars including Jennifer Morrison, Ginnifer Goodwin, Josh Dallas, Jared Gilmore, Emilie de Ravin and Rebbeca Mader. A new curse, a new town, and a bunch of new characters were added for the reboot, but ultimately it looks like ABC has chosen not to move ahead with more of the new story.

"Seven years ago, we set out to create a show about hope, where even in the darkest of times, a happy ending would always be possible," creators Adam Horowitz and Eddy Kitsis said in a statement. "But we never imagined the happy ending that was actually in store for all of us -- years and years of adventure, romance, magic and hope. We're so grateful to our brilliant collaborators - the cast, crew, and writers -- as well as our partners at the studio and network for making this journey possible. But most of all, we want to thank the fans. Their fierce loyalty and devotion was the real magic behind Once Upon a Time. We hope they join us for these last few hours as we journey to the Enchanted Forrest for one more adventure."

Once Upon a Time Has Found Its Prince Naveen

For all of you worried about whether your faves with get their well-deserved happy endings, never fear. Horowitz and Kitsis have got it covered. "It's not like this was like a shock," Kitsis told Variety. "We knew this was a distinct possibility from the moment the season started. So it has always sort of been in the back of our minds designing things to wrap up the end of this year if need be. So we're we're prepared and we're well into our end game plan."

Added Horowitz: "We had two different scenarios for the finale. And so we're going to go with plan B."

Ultimately, Kitsis is right that it's not much of a surprise that the show is on its way out. Rebooting a show in general tends to hint that something has gone wrong with the original design. We can only be glad that the characters we love will get the endings we've always wanted for them.

Once Upon a Time returns March 2 at 8/7c on ABC.

Other Links From TVGuide.com Adam HorowitzEdward KitsisOnce Upon a Time