Netflix only doing one season of 'Arrested Development'

Are you excited by the news that Arrested Development will live once more, this time on Netflix?

Well, you may want to temper that a bit if you nodded or answered positively.

Netflix brought the beloved series, which ran on Fox originally from 2003-2006, back off the scrap heap in November 2011, a month after it was announced that the series might have some air left in its lungs.

Fourteen episodes were ordered by the company, which should begin airing this spring. After that, the series will be finished - at least at Netflix.

Reed Hastings, the CEO of Netflix, said today that his company only has the rights to air one new season of the series. 

"Arrested is a unique property, we don’t anticipate being able to do season five, six and seven," Hastings said. "We have less of a stake in it. It is really a fantastic one-off, which is coming together incredibly. I think it will be amazing for us, but think of it as a nonrepeatable amazing, whereas the other thing that we are doing is to trying to figure out a real mechanism where we can build shows and develop franchises over the long term. In that way, Arrested Development is a wildly successful tactic, as opposed to fundamental to the strategy."