The lingerie brand announced on Thursday that a private equity firm is buying 55% of the company for about $525 million and become a private company.
The show was rumored to be canceled for months, and it's unclear if it will ever air again.
Former VS Angel Doutzen Kroes, supermodel Christy Turlington Burns, and actress and model Milla Jovovich all signed the open letter.
Trans activist Laverne Cox expressed her support for the move on model Valentina Sampaio's Instagram.
The lingerie company, which once dominated the market, is reportedly distancing itself from network television.
The L Brands CEO had previously condemned Donald Trump's response to Charlottesville in a speech to employees.