MTV is not bringing back their annual celebration of the best of pop culture ... we've learned their famous 'Movie & TV Awards' show has been nixed for the second straight year.

Sources close to production tell TMZ ... the annual event is not returning this year and remains "on pause."

It sounds like the future of the awards show is very much up in the air ... we're told no plans to bring it back, or to scrap it altogether, have been solidified.

MTV "paused" the awards show last year ... but at the time we were told the show was not canceled and would return in 2025 with an updated format.

There's been some major changes since we were told in May 2024 the show was coming back ... Paramount Global, MTV's parent company, is merging with Skydance Media, and last month Paramount honcho Bruce Gillmer reportedly sent a company memo about major events being suspended.

Gillmer's memo didn't mention the "MTV Movie & TV Awards" but now it's joining the CMT Music Awards and Nickelodeon Kids' Choice Awards among those on the sidelines.

The show had a good run from 1992 to 2023 ... but it's been a rough few years, and it will be interesting to see what lies ahead.

Stay tuned ...