U2's Bono, Stephen Colbert Attend Judy McGrath Farewell Party

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"You're gonna fly your freak flags forever," the ousted MTV exec tells a crowd of colleagues and friends.

Former MTV Networks chairman and CEO Judy McGrath bid adieu to 30 years with the company in style.

A star-studded crowd of about 50 that included Stephen Colbert and U2's Bono and The Edge gathered to see McGrath off at an impromptu party following the announcement of her resignation on Thursday.

According to the NY Post's Page Six, the beloved exec showed up wearing a laminate around her neck that read "Backstage for Life" and told her friend and colleagues, "I know you know how I feel ... I'll send you an elaborate letter on Gmail ... You're gonna fly your freak flags forever. I love you badly, and you know where I live."

STORY: What Judy McGrath Meant to MTV Networks (Analysis)

McGrath, an industry veteran who saw the Viacom-owned MTV Networks through multiple reinventions and helped develop hit shows such as "Unplugged" and "Jersey Shore," recently announced that she was stepping down from her position after 30 years with the company.

When asked about whispers at the party that Executive Vice President David Janollari would take on McGrath's responsibilities, an MTV rep told Page Six, "Judy chose to leave now because of the health of all of the networks. MTV is doing incredibly well, so we won't be making changes. David Janollari will continue his role running programming."