"I really loved radio, but right now I am going to concentrate on this," USA Today quoted King as saying at a press conference announcing the CBS show in New York Tuesday.
"We are so happy for Gayle's opportunity of a lifetime," OWN Presidents Sheri Salata and Erik Logan said in a joint statement. "Although her show will not continue on OWN, we look forward to her joining us from time to time as her schedule allows."
OWN is the fledgling cable network of King's best friend, Oprah Winfrey.
King's new, as-yet-untitled CBS program is set to debut in January.