Rosie O’Donnell is leaving The View in June after only one season, ABC News confirmed Wednesday morning.

On Wednesday’s show, O’Donnell downplayed the news, saying it was simply a matter not being able to come to terms with the network on the length of her contract. “I wanted one year, they wanted three years,” she said. “It just didn’t work. And that’s showbiz, but it’s not sad because I’ve loved it here and I love you guys and I’m not going away. I’m just not going to be here every day.”

O’Donnell, who said she planned to fill in as a guest-host in the future and do specials on autism and depression, added: “They’re not kicking me out. Don’t worry. It’s okay,” and asked those involved not to be sad.

Walters replied by saying, “You keep saying don’t be sad and we should all be upbeat, but I am sad… We have had, to say the least, an interesting year. We have all loved it. And you will be missed very much.”

Walters also emphasized that it was the network, and not her, who is responsible for O’Donnell’s departure. “I would like to make one thing perfectly clear: I do not participate in the negotiations with Rosie,” Walters said. “This is not my doing or my choice.”

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,” Walters said. “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.”

Walters added, “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.”

News of O’Donnell’s exit was first reported by TMZ.com. There are currently no plans to announce a new cohost.