"Why?" you ask? Because the new boss of BBC2, one Roly Keating, says so. He's told the TOTP2 team that the show is on hold for the foreseeable future.
Will it come back? Perhaps - there's always going to be an audience for clips of Rod Stewart and Eric Clapton (well, for another forty years or so). Will the show's BBC1 cousin face the same fate? Alas, unlikely.