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Larry King is stepping down from his hosting position on CNN’s Larry King Live. King will stay on at the network in another capacity “hosting several Larry King specials on major national and international subjects”. Click over the jump to read his statement, which will be read during his program tonight.

Larry King Live will broadcast its final show sometime this fall.

Before I start the show tonight, I want to share some personal news with you. 25 years ago, I sat across this table from New York Governor Mario Cuomo for the first broadcast of Larry King Live.

Now, decades later, I talked to the guys here at CNN and I told them I would like to end Larry King Live, the nightly show, this fall and CNN has graciously accepted, giving me more time for my wife and I to get to the kids’ little league games.

I’ll still be a part of the CNN family, hosting several Larry King specials on major national and international subjects.

I’m incredibly proud that we recently made the Guinness Book of World Records for having the longest running show with the same host in the same time slot. With this chapter closing I’m looking forward to the future and what my next chapter will bring, but for now it’s time to hang up my nightly suspenders.

The Wrap has more background on the announcement:

An individual at CNN told TheWrap that King will continue doing his show until November. King signed a new contract with the network to produce quarterly specials once “Larry King Live” ends its run.

Ratings for “Larry King Live” have been down 43 percent this year, a stunning drop for the network’s star talk show host, who was once the top-rated talent at CNN.