updated 07/07/2014 AT 1:00 PM ET
•originally published 07/07/2014 AT 4:15 PM ET
“It is true, let me tell you what’s going on,” McCarthy, 41, said. “I am so grateful to have worked with Barbara Walters in her last year along with many producers and co-hosts, but after much consideration, I have a new job that will allow me to do what I do best, which is talk without having to interrupt anyone.”
“I will be announcing it in the next few weeks and couldn’t have been more grateful for the fans who have supported me, so stay tuned even if it does compete with The View, she said.
Shepherd admitted that, since spring, she has been planning to leave the show.
“I didn’t discuss anything publicly, anything in my personal life because I didn’t want to do anything to distract anything from Barbara Walters in our celebration of her retirement in May,” she said, referring to her ongoing divorce and custody battles.
The comedian, 47, also tearfully thanked those she’s worked with during her seven years on the program.