Winfrey said in a statement: "I thank Rosie from the bottom of my heart for joining me on this journey. She has been an incredible partner, working to deliver the best possible show every single day.
"As I have learned in the last 15 months, a new network launch is always a challenge and ratings grow over time as you continue to gather an audience. I'm grateful to Rosie and the dedicated Rosie Show team for giving it their all."
Said O'Donnell: "I wish the show was able to attract more viewers - but it did not. So I am headed back to my home in New York - with gratitude. On we go!"
She later addressed the cancellation in a video, saying it was a "fair" decision.
"Listen: Oprah gave me an amazing shot at doing this. She really did. She put me back on TV. She believed in me. I didn't even know if I could do it again," she said.
"Here's the bottom line: it's a business, right? It didn't make financial sense to continue the show as it was because of the amount of viewers," she noted, while downplaying rumours of a rift between her and the big O.
"Oprah has treated me with nothing but respect and with dignity from day one. ... It's not a nightmare - it's a good thing."
Not surprisingly, Trump was chomping at the bit to crow about the show's abrupt demise.
"Well, I always knew that Oprah was smart," Trump snarked during a phone interview with Fox News' Fox & Friends yesterday.
"Frankly, that was just going to happen. I knew it immediately as soon as they announced it. Rosie fails at everything. She had a variety show that failed.... Somebody else, some moron, will come and hire her again to do something else, and that will fail. At some point, let her rest. Let her go away."
He sniped: "She must have a very good agent".
The Trumpster, whose feud with O'Donnell began in 2006 after she slammed his decision not to fire then-troubled Miss USA Tara Conner, backed up his stance on Twitter.
"Rosie O'Donnell has failed again," he wrote. "Her ratings were abysmal and Oprah cancelled her on Friday night. When will media executives learn that Rosie just hasn't got it."
Tell us how you really feel, Trump?
O'Donnell later re-tweeted Trump's message.
Interestingly, Trump stopped short of giving Winfrey a roasting.
"I mean, Oprah is a great friend of mine," he said, "I did one of her last shows and I think she's a terrific person but I disagreed with her hiring, I said that's the beginning of the end with Rosie. But Oprah is a terrific person. She'll always do fine."
Watch a snippet of Trump's Fox and Friends spot below:
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