updated 06/27/2014 AT 8:05 AM ET
•originally published 06/26/2014 AT 10:45 PM ET
A source tells PEOPLE that Shepherd, 47, and her rep couldn’t reach an agreement with ABC on a new deal. McCarthy, 41, is being let go because the talk show “is moving in a new direction creatively,” the source adds.
“The number 7 is God s number of completion & after 7 seasons my time at The View is now complete! So grateful 2 every1 4 their love & support,” Shepherd announced on Twitter Thursday.
“Incredibly grateful to my second mom Barbara Walters for pushing me beyond my comfort zone – it’s been amazing doing it scared! #joy”
McCarthy echoed Shepherd’s sentiments on Twitter, writing, “If Sherri goes … I go too. #sisters”
She adds, “My View will be changing too. As will with many hard working folks. Thanks to everyone at the show for your dedication and an amazing year … We will be back.”
“After careful consideration, it is time for me to move on,” Shepherd said in a statement to Deadline. “I am extremely grateful to Barbara Walters and Bill Gedde for giving me the opportunity. I look forward to the business opportunities that lay ahead for me and I am incredibly grateful to my View family and my fans for supporting me on this journey.”