Bertinelli shared in an Instagram Story video on Saturday that she was let go from her long-running hosting gig on 'Kids Baking Championship'
Valerie Bertinelli was in talks to continue on Kids Baking Championship before being let go on Friday.
A source close to the show's production told PEOPLE that when Bertinelli's last contract ended, returning to Kids Baking Championship was "absolutely discussed." However, Valerie's team "decided they wanted more and talks stalled."
A second source said of the negotiations, "Her deal was up, and [Food Network] chose not to renew. They did not make a new offer, but Valerie very much wanted to continue."
Food Network did not immediately respond to PEOPLE's request for comment.
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In an Instagram Story post on Saturday, Bertinelli, 63, cited "budget cuts" as the reason she was told she wouldn't be co-hosting the next season of the culinary competition show alongside Duff Goldman.
"It really hurt my feelings," she told her followers in a lengthy video statement.
She went on to share that she filmed the current season in the summer of 2022 when she was going through a difficult divorce from Tom Vitale. She said filming the show made her feel productive and like she was spreading kindness in the world.
"Without sounding like a drama queen, the show saved my life," Bertinelli said, adding that it was "like a floatation device" in what she described as her "apex year of hell."
"So it really hurts that I won't be able to go back and see everybody and say, 'Hey, I made it through,'" she added.
Bertinelli had been hosting Kids Baking Championship since its first season aired in 2015.
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