By Missy Schwartz
Updated April 03, 2009 at 12:00 PM EDT

Matthew Perry and Peter Tolan thought they had a home for their new series, The End of Steve, at Showtime. Not anymore. Yesterday, Showtime passed on Steve, which is described in its logline as a “dark comedy about a bitter, egomaniacal daytime talk show host who seeks

to find some level of happiness and redemption in his personal life.” Tolan, the Rescue Me cocreator who exec produced Steve with Perry, confirmed the bad news to EW in an e-mail sent earlier today. “Yes, Showtime passed,” he wrote. “It’s a wonderful pilot and when I was told the news, I almost could not process it. After twenty years in television, you’d think I could see this sort of thing coming, but this time, I’m truly flummoxed. After an evening of licking my wounds, my overpowering lust for revenge kicked in (it’s really the only thing that keeps me going in the business), and I vowed that we would sell the project elsewhere — quickly. And I truly believe that will happen. The project is just that good.”

For Tolan, there is some good news. “Talks have already started with HBO,” he told HBO, however, denies this. “We’re not in discussions with them,” says a rep for the cable network.