Dubbed 'the Latino James Bond', the show had been commissioned for a second season before the first episode had even aired, reported Deadline.
'Matador' failed to generate interest internationally, leading to its demise.
In a statement, the El Rey Network said that it was proud of the show, before thanking the cast and crew.
"Ultimately it was a business decision but to be clear, we were very proud of the series on every level-creatively it hit the mark and we are gratified that it celebrated diversity in front of the cameras and behind the scenes," the statement read.
'Matador' follows Gabriel Luna as soccer star-turned-CIA mole Tony 'Matador' Bravo, who is tasked with uncovering a global conspiracy.
Robert Rodriguez directed the season one finale, which aired in October.