CHICAGO (thefutoncritic.com) -- "Project Greenlight" may return for a third season but it won't be on HBO. The pay channel announced this week it has decided against picking up the reality series for a third installment.

Producers Live Planet and Miramax Television are reportedly in talks with several networks, both broadcast and cable, to find a new home for the series. Bravo has emerged as the most likely candidate as Miramax's "Project Runway," which seeks to do for fashion designers what "Greenlight" did for filmmakers, was recently picked up by the cable channel (read the story).

"Greenlight" completed airing its second season in August to the tune of 2.6 million viewers, down 25% from its season premiere (3.5 million), but on par with the show's first season average. Numbers weren't so much the issue for HBO as was the absence of Chris Moore from the series. The outspoken producer has so far opted out of being involved in a potential third edition. Said development reportedly led HBO to not renew the series.

The most surprising development however has been Miramax even wanting to pursue a third season of the series. The two films that have resulted from the show, "Stolen Summer" and "The Battle of Shaker Heights," have been well documented failures at the box office as neither recouped their $1 million plus budgets.