Last May, many news outlets were reporting that ABC’s According to Jim had been cancelled along with George Lopez. But, in a surprise move in June, the network renewed Jim for 18 episodes and its seventh season. It seemed like the venerable sitcom was incredibly lucky to have dodged the cancellation bullet. Now, it turns out that Jim’s luck hasn’t run out yet.

Despite low ratings, it looks like ABC is going to be bringing back Jim Belushi, Courtney Thorne Smith, and the rest of the Jim cast for yet another season. It’s been reported that negotiations are underway for season eight but the word around town is that it’s a done deal.

Why does the network want to bring the sitcom back yet again? Well, there are several reasons behind the unlikely renewal and, of course, they’re all financial.

Though the sitcom’s ratings are significantly lower than what they have been in years past, the sitcom typically matches or outperforms ABC’s newer Tuesday night comedies like Carpoolers and Cavemen). Coupled with the fact that pilot scripts for new series are in shorter supply right now because of the writers strike, ABC likely feels more secure having new episodes of Jim waiting in the wings.

The series is produced by ABC’s in-house production company which helps keep costs low. On top of that, the series is very profitable in syndication and another season’s worth of episodes will add to the cash-cow.

If the series does indeed return for an eighth year, how many new episodes will ABC order? How many years will the series go on? Stay tuned!