This is a very sad news I must say for television. Competition is hard and if one is not making enough numbers, off you go! 
The show was renewed in February of 2014 and even with the undeniable fact that Arsenio Hall is a good show host, things happen and we have to move on. The show got canceled just after one season, and the official television network CBS are not renewing it. They released a statement saying;
""“Unfortunately, The Arsenio Hall Showwill not return for a second season; while there are many loyal fans of the show, the series did not grow its audience enough to continue. Arsenio is a tremendous talent and we’d like to thank him for all the hard work and energy he put into the show. We’d also like to thank Tribune and all our station group partners for their support of the show.”""
Arsenio Hall, also had this to say about the sad news;
"" “When I started this adventure with CTD and Tribune, we all knew it would be a challenge — I’m gratified for the year we’ve had and proud of the show we created. I’d like to thank everyone on my staff for rallying around me and striving to make the best show possible every night.”"""""
All the best in your other adventures Arsenio, never stop... keep pushing.