Larry King and CNN officially part ways

Talk show host Larry King answers reporters' question at a press conference for Seoul Digital Forum in Seoul, South Korea, May 25, 2011.

/ AP Photo/Lee Jin-man

(CBS/AP) NEW YORK - Longtime broadcast host Larry King is officially parting ways with CNN 14 months after his prime-time show ended.

King did four specials for CNN within the past year. But CNN said in a statement on Wednesday the network and King have mutually agreed to end the specials.

Pictures: Larry King
Pictures: Larry King finale party

The 78-year-old King says he has "nothing but respect for CNN." He says he's "looking forward to all the wonderful business opportunities" to which he'll now dedicate his time.

"Larry King Live" wrapped in December 2010. British host Piers Morgan now has the time slot and does a similar interview program. According to the Los Angeles Times, Morgan has overall achieved higher ratings that King did near the end of his run. But in 2012 viewership has slumped and is lower than what King was averaging before leaving his show.