The decision was made as part of a larger strategic repositioning of ABC Daytime programming, officials said.
With the end of the two iconic shows, ABC will launch two new shows called "The Chew" and "The Revolution."
"While we are excited about our new shows and the shift in our business, I can't help but recognize how bittersweet the change is," said Brian Frons, president daytime of Disney ABC Television Group.
Since its premiere on ABC in 1970, "All My Children" won more than 30 Emmys, including Emmys for outstanding drama series in 1992, 1994 and 1998.
It launched the careers of stars like Kelly Rippa, Oscar-winner Melissa Leo and longtime soap sensation Susan Lucci.
"It's been a fantastic journey," Lucci said in a statement released Thursday. "I've loved playing Erica Kane and working with Agnes Nixon and all the incredible people involved with 'All My Children.' I'm looking forward to all kinds of new and exciting opportunities."
After weeks of rumors and back-lot whispering, cast and crew were told of the cancellation Thursday afternoon.
Chrishell Stause, who has played Amanda Martin for the past six years, said many people working on the show were still having a hard time dealing with it.
"They're all upset," Stause said. "Everyone's crying and hugging. It's like a family here, so it's sad."
"One Life to Live" debuted in 1968. In 2002, the show won its first-ever Emmy in the outstanding drama series category. It was nominated again in 2007 and 2008.
"It's a very sad day," said Tom Stacy, west coast editor of "Soap Opera Digest."Today, we lost over 84 years of broadcast history. But television is changing. Primetime has changed with the influx of reality, so daytime must change, too."
"The Chew" is a show about food as a source of joy, health, family ritual, friendship, breaking news, dating, fitness, weight loss, travel adventures and life's moments. It will be produced by Gordon Elliot, the Emmy award-winning executive producer of "Paula Deen's Home Cooking" and "Down Home With The Neelys."
Mario Batali of "Iron Chef America" and Clinton Kelly of TLC's "What Not To Wear" are two of five hosts who will guide the hour-long show.
"The Revolution" is a show about health and lifestyle transformations. The show will be hosted by a team of experts, including fashion expert Tim Gunn.
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