Earlier, Sherri's rep gave an statement to ET on behalf of the TV personality, saying, "It's been seven wonderful years on The View and after careful consideration it is time for me to move on. 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."
This week, rumors surfaced that McCarthy's contract was in danger of not being renewed. Rumors also surrounded Shepherd's contract negotiations as the two sides are said to have been unable to reach a deal that either was satisfied with.
ABC has given their own statement to ET, saying, "The View will be moving in an exciting new direction next season and ABC has made decisions to evolve the show creatively."
A source from ABC assures ET that Shepherd "wasn't fired."