Also, Moynihan has been on "Saturday Night Live" for nine seasons, the most senior member of the current cast except for Kenan Thompson, who has been on the show for 14 seasons.
Moynihan is sticking around for the show's season finale this weekend, but moving on after that, Variety reports.
Moynihan's departure is due to the fact that CBS picked up his comedy show Me, Myself & I for the 2017-18 season. Dwayne "The Rock" Johnson is hosting, with Katy Perry as musical guest, in the last of four episodes airing live coast-to-coast, as opposed to just live for the Eastern half of the country.
This year it was apparent that Moynihan was in fewer sketches than prior seasons and his off-show work has been ramping up.
Meghan Markle Pictured With Prince Harry Before Pippa Middleton's Wedding
The exception allows Meghan to attend not only the main ceremony, but also all other celebratory gatherings through the weekend. An engagement, however, is still on the horizon, but it will probably happen by the end of the year.
Bobby is one of SNL's longest-running performers.
Among Moynihan's most popular SNL impersonations have been Chris Christie, Newt Gingrich, Snooki, Guy Fieri and Ted Cruz, along with such original characters as Drunk Uncle and secondhand reporter Anthony Crispino.
Bobby's new show definitely sounds cool. The comedy series will follow a man's life over a 50-year span. Dan Kopelman, Aaron Kaplan, Dana Honor and Randall Einhorn (pilot only) are executive producers for Kapital Entertainment in association with Warner Bros.
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