It's been an eventful few months for Netflix, which stunned Hollywood when it announced plans to acquire Warner Bros, including its film and television studios, HBO Max and HBO, for nearly $83 billion late last year.
Following the news of its major acquisition, the streaming giant closed the door on another season of Billionaire’s Bunker and made sure the Duffer Brothers wouldn't have another hit at Netflix before leaving the platform for Paramount this year.
Fast forward to late January and Netflix has canceled yet another show.
Alice in Borderland became a fan-favorite show with its first two seasons and racked up 25 million views in its third season - a record for the program. While the series set a record for viewership in its third season, fans were left wondering if a fourth season would coming in the near future.
Netflix never officially confirmed Season 3 was the final season before its release, leaving fans guessing. Those fans hoping for a fourth season received disappointing news in the streaming giant's “What We Watched: The Second Half of 2025” engagement report.
Tucked in the release was the bad news: Alice in Borderland ended after Season 3.
"Fans also flocked to titles from Japan like Last Samurai Standing Season 1 (21M) and third and final season of Alice in Borderland (25M). The Elixir (23M) from Indonesia and The Ba***ds of Bollywood Season 1 (10M) from India also stood out," the release said.
Fans of Alice in Borderland couldn't get enough of the first two seasons, which scored high marks on Rotten Tomatoes amongst fans and critics alike. However, the third season left viewers with a bad taste in their mouth as critics gave the third season a 63% and fans handed the season a paltry 57%.
"Arisu—a listless, jobless and video-game-obsessed young man—suddenly finds himself in a strange, emptied-out version of Tokyo in which he and his friends must compete in dangerous games in order to survive. In this strange world, Arisu meets Usagi, a young woman who’s navigating the games alone. Together, they set out to unravel one mystery after another as they risk their lives and confront what it means to live," the synopsis reads on Rotten Tomatoes.
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This story was originally published by Men's Journal on Jan 23, 2026, where it first appeared in the Entertainment section. Add Men's Journal as a Preferred Source by clicking here.
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