Walters's last day co-hosting the show she created, The View, will be May 16, ABC News reports.
"This was the right time," Walters, 84, told AARP Magazine. "The kinds of interviews I did all these years, nobody wants them anymore. You have three minutes of a morning show. That's different from before."
A two-hour special on her groundbreaking career will air that same night, from 9-11 p.m. ET.
Joining the network in 1976 as the first female news anchor was not easy.
"When I became the first woman co-anchor of a network news program, I was vilified. That did hurt me," she tells AARP". "I thought my career was over. No one wanted a woman, and they certainly didn't seem to want me, and I had a co-host [Harry Reasoner] who really didn't want me. What saved me was that Roone Arledge, who was president of ABC News, felt I had value."
Walters will continue to executive produce The View and will contribute to ABC News "as news warrants," the network said.
As for what comes next, Walters says she will enjoy her new free time.
"Maybe go to a movie or a museum, maybe sleep until 9, maybe see a friend," she said. "I look forward to not having every day planned, or having to be at a certain place at a certain time."
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