Pete Davidson Walks Away From 'Bupkis', Focused on Big Film Projects

Pete Davidson's bowing out of "Bupkis" -- bidding adieu to the planned 2nd season of his own show ... and it's all because he's turning his attention to the big screen.

The 'SNL' alum told THR Thursday that he was happy to have the opportunity to tell his story in his own words through "Bupkis," after having his every move and private life documented in the media.

He adds, "I do also feel that this part of my life is finished. I'm very excited for this next chapter and for you guys to see the work. Thank you to all who support me for I am forever grateful."

The publication went on to report that Pete's agent emailed Peacock earlier this week, breaking the news about him walking away from the show ... but apparently didn't tell the show's production company, Lorne Michaels' Broadway Video, until later. Once they caught wind of the situation, they rolled on with the cancelation.

Another point ... THR reports the end of the show has nothing to do with industry-wide budget cuts plaguing Hollywood right now ... it's all about Pete wanting to move onto greener pastures.

We now know what that new horizon looks like for Pete -- sources with direct knowledge tell TMZ he's got a huge new movie coming out, with none other than comedy legend Eddie Murphy, as well as Emmy nominee Keke Palmer, signed on to costar ... something he's been working on lately.

Our sources tell us that, generally, Pete has been focused on his stand-up and movie career -- and that he wants to keep his attention there. So on its face, no more TV for now.

That tracks with what Pete's been doing these past few years -- yes, he was working on "Bupkis" ... but he's been quietly building out his film resume behind the scenes with flicks like "Dumb Money," "Bodies Bodies Bodies," "The Suicide Squad," "Fast X" and others.

Of course, "Bupkis" will be missed -- as it had everyone buzzing last year with its 8-episode half-hour series which starred Edie Falco and Joe Pesci as Pete's mother and grandfather. It was very 'Dave'-esque.

It got picked up for a second season by Peacock in June, just 2 months after its debut with a strong reception from viewers and critics alike. With all that momentum, it seemed like the sky was the limit for the show. But now, Pete's pulling the plug and moving on.