"Lopez Tonight" is in its second season.
Lopez gave up his 11 p.m. time slot to make room for Conan O'Brien, who joined the TBS lineup after leaving NBC's "Tonight" show.
The plan for TBS was to have back-to-back late-night shows that would appeal to younger viewers.
TBS said in a statement it was a "difficult decision."
The Associated Press contributed to this report.
