O'Donnell Leaving 'The View'

In a statement released to ABCNEWS.com today, Walters said: "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."

Part of that excitement involved some of O'Donnell's heated debates with "The View" co-host Elisabeth Hasselbeck. Hasselbeck and O'Donnell denied media speculation that their differences on set translated into animosity off the set. After O'Donnell's announcement today, Hasselbeck said to O'Donnell, "I think I'm kind of in denial. You are such a catalyst, you know how to just get in there, and because of that we've just taken off the shackles and had some real honest conversation here."

O'Donnell said: "This has been an amazing experience, and one I wouldn't have traded for the world. Working with Barbara, Joy and Elisabeth 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."

Frons concurred: "That's the business, and something we knew was a real possibility the entire time. So we part as friends, and hope that we can entice Rosie back next year to take part in a series of one-hour specials for us like our recent show on autism. And maybe, if we're lucky, we'll be able to convince her to guest co-host once in a while as well."

A source close to O'Donnell told ABC News that co-hosting the show, and all the attending controversies, has been "stressful" for her, and added that O'Donnell is pursuing other TV show opportunities.

Walters added on today's show that they are prepared to be inundated with letters, and said, "We have not thought about a replacement."