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One word: Syndication.

Because of some other arbitrary rule by the FCC, TV channels which syndicate shows are required to run shows for at least 13 weeks, and assuming that they have an episode every school day: 5*13=65. In other words, they're making enough episodes to make money, without spending more then they need.

There are of course exceptions. For example, Kim Possible was un-canceled for another season after many complaints by angry fans.

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Q: Why does Disney have a 65 episode rule?
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