Five’s daily magazine programme Live from Studio Five is being cancelled and replaced by OK! TV, a spin-off from the celebrity magazine.

According to the BBC, the show which is hosted by Jayne Middlemiss and Kate Walsh, has seen ratings fall since it began in September 2009.

Originally branded as a ‘forthright and chatty’ news magazine show, Live from Studio Five was hosted by Kate, former model Melinda Messenger and ex-footballer Ian Wright.

Melinda quit the show last year while Ian’s contract was not renewed following his complaints about halving the hour-long show’s running time.

According to overnight figures Live from Studio Five averaged just 300,000 viewers on Monday night.

The decision to replace the show with OK! TV is part of a rebrand of the channel following Richard Desmond’s takeover last July.

Despite previously airing in 1999 and being axed after one series, OK! TV will now take its place on the channel from 14 February.