CBS All Access announced tonight that THE TWILIGHT ZONE will not be moving forward for another season. The series ran for two seasons and 20 episodes for the network.
Jordan Peele spearheaded, executive produced, narrated, and hosted the redo of the classic series. CBS All Access is rebranding to Paramount+ on March 4th, which might have led to the decision.
The Twilight Zone was rebooted as an individual episodic anthology in late 2017 as the individual episodic anthology looked to pick up where the beloved Rod Serling-created series left off with a modern reimagining of the original drama.
Source: The Hollywood Reporter