Why Giuliana Rancic Is Leaving E!'s Red Carpet Coverage After Ryan Seacrest Exit

Giuliana Rancic is leaving E!'s red carpet coverage just three months after longtime co-host Ryan Seacrest announced his exit.

Rancic, 46, took to Instagram Friday to announce that she is stepping away from the network’s "Live From The Red Carpet" after 18 years as host. The Italian-American TV personality also revealed that she has inked a development deal with E! parent company NBCUniversal.

"After 20 fabulous years hosting E!'s red carpet, I have decided to step out of my red carpet heels into a new pair of shoes," Rancic wrote on Instagram.

"One of my passions is great storytelling and I am thrilled to announce a new development deal with E!'s parent company NBCUniversal where I will be producing and bringing stories to life," she continued.

Rancic went on to thank her E! family for "allowing me to make my red carpet dreams come true" and for giving her the gig that has been the "highlight of my career and life." She also expressed her gratitude to her production team as well as the viewers who have tuned in to "Live From The Red Carpet" over the years.

"I love and appreciate you all and I sure hope you will join me as I enter this exciting new chapter," she concluded her lengthy post.

Meanwhile, E! said that the network will continue working with Rancic on another project following her exit.

"While we will all miss watching Giuliana bring her iconic interview style, infectious humor and keen sense of fashion to E!'s red carpet, we are excited to announce a development deal across NBCUniversal where she will bring her passion projects to life," a spokesperson for E! said in a statement to People. "We look forward to collaborating with Giuliana in the future and we will always be her biggest fans -- on and off the carpet."

Rancic's departure from E!'s red carpet coverage comes just months after her former co-host, Seacrest, announced that he was leaving after almost 14 years. Seacrest had been hosting the show alongside Rancic since 2006 but decided to "move on to new adventures."

"I’ll miss the whole crew that works so hard behind the scenes and of course my amazing partner Giuliana. Thanks to everyone for watching all these years," Seacrest wrote on Instagram when he announced his exit in February.