She wiped away tears on ABC's "The View" on Monday after a taped piece summarizing her career.
Walters said she wanted to leave while people are still saying "why is she leaving?" instead of "why doesn't she leave?"' Walters is 83 years old.
New York City Mayor Michael Bloomberg visited the set for Walters' announcement, along with a host of top ABC and Disney executives.
Take ABC13 with you!
Download our free apps for iPhone, iPad, Android and Blackberry devices