DailySugar

On Wednesday morning, Brian Frons, president of daytime programming for the Disney-ABC Television Group, told ABCNEWS.com:

"While we've tried to come to terms on a deal that would extend her cohosting duties on The View, we find ourselves unable to agree on some key elements."

Walters, the show's creator and co-executive producer, said in a statement that O'Donnell's departure is an amicable one.

"I induced Rosie to come back to television on The View even for just one year. She has given the program new vigor, new excitement and wonderful hours of television. I can only be grateful to her for this year. I am very sad that ABC Daytime could not reach an agreement with her for a second year."

"We will all miss Rosie on The View, and hope she will be back with us often next season. She remains for me a cherished friend and colleague."

In the statement, O'Donnell, 45, said:

"This has been an amazing experience, and one I wouldn't have traded for the world. Working with Barbara, Joy [Behar] and Elisabeth [Hasselbeck] has been one of the highlights of my career, but my needs for the future just didn't dovetail with what ABC was able to offer me.

"To all the viewers out there, I just want to say 'thank you' for opening up your hearts and your homes to me this past year. But you can always find me at rosie.com. Here's hoping there's more confetti for all of us going forward."

Since her debut on the show in September, O'Donnell has been a lightning rod for controversy. But she has also been credited with boosting the ratings of the 10-year-old show.