"Obviously, this was not an easy decision," the network added. "We have enormous respect for the creative team and cast for their hard work and passion on this project."
The show -- which starred Bobby Cannavale and Olivia Wilde, and was executive produced by Martin Scorsese and Mick Jagger -- announced plans for Scott Z. Burns (The Bourne Ultimatum) to replace co-creator Terence Winter as showrunner, following lukewarm reviews and struggling to find an audience.
"Vinyl didn't launch in the way we were hoping it would; it's disappointing, but it happens," HBO's head of programming Michael Lombardo told Deadline last month. The site reports that the decision to cancel the program was not based on creative problems with Burns, as episodes for season two had yet to be delivered.
Vinyl's cast has taken the hit expectedly harder, but remains hopeful that the show could be given the Nashville treatment, continuing on another network -- at least according to Ray Romano. ET caught up with the actor at Wednesday's Ice Age: Collision Course junket, where he explained his reaction to the news.
"I found out this morning, right before I was putting my makeup on," Romano revealed. "But you know, look, it's bittersweet because I'm so glad I got to play that role and try to stretch and go to those places, so I'm happy it was there. And who knows? There's a lot of different networks out there!"
The 58-year-old actor added that awards chatter for the recently-canceled show doesn't sweeten the deal; he just doesn't pay it any mind. "You just let it go. You can't help hearing things here and there, but I don't believe it… I don't believe it 'til I see it," he said.
One Vinyl star who has been getting Emmy buzz is Olivia Wilde, who recently opened up to ET about how filming the show shortly after the birth of her first child with fiancé Jason Sudeikis informed her standout performance.
"Emotionally, I think you're quite raw after you've given birth,” she shared, noting the "enormous amount of energy" she needed to expend.
"Actually, the creative outlet is a kind of a wonderful way to express it and I felt lucky because I wondered about so many women who give birth and then are tensed up in their houses, breastfeeding, feeling like cattle. They have no outlet for all this incredible inspiration that comes out of the experience of giving birth."