"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.
"I will forever be grateful to Barbara Walters and Bill Geddie for taking a chance on an actress and a comedian and making me learn things and step out of my comfort zone, for giving me a chance when everybody said that I shouldn't be at this table," she said.
"I want to say I have friendships and sisterhoods for life at this table," Shepherd said. "Elisabeth Hasselbeck is my sister for life, Joy Behar is my sister for life, [McCarthy] you are my sister, you are my friend [and] have been a mentor to me, I love you so much. Whoopi Goldberg because Whoopi Goldberg has had my back even when I didn't appreciate it, she has always had my back."
Reporting by EMILY STROHM