The duo made the revelation as part of a larger announcement with Comedy Central announcing the two have struck a development deal that will see them creating "first look" content for the network's parent company, Viacom, which means the network will have a first look at all content created or developed for TV by Glazer or Jacobson, both together and independently.
Broad City was renewed for two seasons in early 2016 ahead of its season three premiere.
"Broad City's Abbi and Ilana may appear to be aimless and full of hair-brained schemes, but Abbi and Ilana IRL have proven to be stellar creator/writer/performer/director/producers," said Kent Alterman, President of Comedy Central. "Their supreme focus on telling new stories, in new worlds, with new talent is nearly scary."
Alterman told Deadline that it was Glazer and Jacobson's decision to end the show.
"It's purely driven by creative storytelling. They came to us and said, 'We think that we need to figure out how to resolve a final season.' They have great ideas about how they want to end it, and the last thing we want to do is to have someone not end something on their terms."
"Broad City has been our baby and first love for almost 10 years, since we started as a web series. It's been a phenomenal experience, and we've put ourselves into it completely," Glazer and Jacobson said in a statement. "Broad City's always had a spontaneous pace and feeling, and ending after season 5 honors that spirit. We are very excited to bring new voices and points of view to Comedy Central and continue our collaboration together in new ways."
The fifth season is set to air in 2019.
While Alterman remained mum on details concerning season 5, he said the duo's "plans for winding the series up are really exciting. I think its' going to be great celebration of this show."
As far as those new projects go, Entertainment Weekly reports they come in the form of three projects called Mall Town USA, Platinum Status and Young Professionals — all of which are in development at Comedy Central.
The two are reportedly executive-producing Mall Town USA and Young Professionals. Mall Town USA will be an animated comedy about a 13-year-old girl, while Young Professionals will be a comedy chronicling five housemates' lives in Washington, D.C. Platinum Status, a Los Angeles-set comedy about a gay backup singer, will be executive-produced by Glazer.