Update

Sherri Shepherd and Jenny McCarthy Leave The View

UPDATED 06/27/2014 at 08:05 AM EDT Originally published 06/26/2014 at 10:45 PM EDT

Sherri Shepherd and Jenny McCarthy Leave The View
McCarthy and Shepherd
Donna Svennevik/ABC
Sherri Shepherd and Jenny McCarthy are parting ways with The View.

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."



Both co-hosts are expected to complete season 17, which runs through the first full week of August. They will not be on board for season 18, which starts in mid-September.

Emmy award winner Shepherd was frequently seen on the ABC show as a guest co-host in 2006 and became a permanent co-host in late 2007. McCarthy joined the show last September after the departures of Elisabeth Hasselbeck and Joy Behar.

Additional reporting by EMILY STROHM



Behind The Scenes Of Sherri Shepherd’s Nasty Split

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