Teal died on Friday "after a courageous battle with cancer," Walters' statement, provided to CNN on Monday, said.
"His remarkable talent, along with his gentle spirit, has left an indelible mark on all of us fortunate enough to have known him. The loss we feel in our hearts is immeasurable," the statement added.
Teal's fiancée Emilia Torello also shared the news of his death, writing in a statement posted to her Instagram page on Sunday: "You were taken too soon, in a battle that you fought bravely without fail. While a part of me died with you, I promise to fight to find joy in life as hard as you fought to live every single day."
"The world is lucky to have even had a moment with Paul Teal, and I am the luckiest person in it, because I got to call you mine. I will love you forever," she wrote.
Teal is best known for appearing on Season 7 of the hit teen romance series "One Tree Hill" in 2010. He also had a role in the 2022 psychological thriller "Deep Water," which starred Ben Affleck and Ana de Armas.
CNN has reached out to a representative for the CW for comment.
Teal's "One Tree Hill" co-star Bethany Joy Lenz remembered him as "the kind of guy who lit up a room without trying" in a statement posted to her Instagram page.
Lenz said she first met Teal while they worked on the musical production of "The Notebook" that she produced in 2006, wherein Teal starred as the lead character Noah Calhoun, before they reconnected on the "One Tree Hill" set in 2010.
"With his self-effacing sense of humor and willingness to dive fully into any character, Paul was perfect for the part. He was a joy to work with in any environment and so generous," she wrote. "He was too young to die. Far too young. I'm gutted. Paul, your time here was like a summer romance for all of us who knew you, especially if only for a season. Bursting, exciting, deeply moving, and unforgettable.
Teal appeared in several TV series, including "Good Behavior," "Outer Banks" and "The Walking Dead: World Beyond."
His most recent work included roles in "Descendants: The Rise of the Red" and "Lilly," both of which were released this year.
He is set to appear alongside Durmot Mulroney, Malin Akerman and Brittany Snow in the upcoming Starz thriller series "The Hunting Wives," a role he filmed prior to his passing. The show is set to debut next year.
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