CBS/AP/ February 11, 2009, 7:24 PM

'60 Minutes' Wednesday Canceled

Robert F. Kennedy Jr., left, kneels with his children at the casket of Mary Richardson Kennedy, in St. Francis Xavier Cemetery in Centerville, Mass., Saturday, May 19, 2012. Mary Richardson Kennedy was found dead of an apparent suicide last week at her home in Bedford, N.Y. (AP Photo/Michael Dwyer)

Robert F. Kennedy Jr., left, kneels with his children at the casket of Mary Richardson Kennedy, in St. Francis Xavier Cemetery in Centerville, Mass., Saturday, May 19, 2012. Mary Richardson Kennedy was found dead of an apparent suicide last week at her home in Bedford, N.Y. (AP Photo/Michael Dwyer) / Michael Dwyer

CBS is canceling the Wednesday edition of 60 Minutes, the network announced ahead of the unveiling of its new fall schedule Wednesday.

Lead Correspondent Dan Rather will contribute stories to the Sunday edition of 60 Minutes, said CBS Chairman Leslie Moonves.

"This was a ratings call, not a content call," Moonves said.

The newsmagazine was where Rather reported last September that Mr. Bush skirted some duty while in the Texas Air National Guard and a commander felt pressure to sugarcoat an evaluation of him. An independent panel later concluded that documents used in the story could not be verified, and that that CBS News failed to follow basic journalistic principles in the preparation and reporting of the broadcast.

Moonves said that story didn't figure in the decision to cancel it, "not even slightly."

Over seven seasons, the broadcast has won numerous honors, including 10 Emmys, two Alfred I. duPont-Columbia University Awards, four Peabody Awards and two RTNDA/Edward R. Murrow Awards.

But the 60 Minutes spinoff has been sinking in the ratings, a decline accelerated by the success of the ABC drama "Lost" in the same time slot. The show also has one of the oldest audiences in prime-time television, considered a turn-off to advertisers.

Moonves said CBS News President Andrew Heyward was telling his staff of the decision on Wednesday and it was too soon to tell whether any layoffs will result.

CBS will likely run news specials during the year in prime-time, he said.

The show was Rather's home base since he stepped down as anchor of the CBS Evening News in March.
© 2009 CBS Interactive Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.