Things You Need to Know About Fox News Cutting Bill O'Reilly

"After a thorough and careful review of the allegations, the company and Bill O'Reilly have agreed that Bill O'Reilly will not be returning to the Fox News Channel", 21st Century Fox, Fox News's parent company, said in a statement on Wednesday.

His trip came as Fox News Channel's parent company 21st Century Fox is investigating sexual harassment allegations against him.

O'Reilly said in an April 1 statement that he had been unfairly targeted because of his public prominence.

O'Reilly, whose lawyer has accused far-left groups of engaging in a smear campaign, met with Pope Francis today while on vacation.

It is not known exactly how Fox News would handle O'Reilly's exit or whether he would be allowed to say goodbye to viewers on the air, according to the NY magazine report. Carlson's own entry into Fox News' network took place after another major shakeup.

Embattled Fox News host Bill O'Reilly had a brief handshake with Pope Francis on Wednesday as sexual harassment allegations dog him at home.

The announcement followed growing reports that the corporation headed by Rupert Murdoch meant to sack the veteran host and just hours after the right-wing television personality was photographed shaking hands with Pope Francis in Rome.

The New York Times reported April 1 that five women had been paid a total of $13 million to keep quiet about unpleasant encounters with O'Reilly, who has denied any wrongdoing.

In a nod to the allegations against O'Reilly, the statement closed with "we want to underscore our consistent commitment to fostering a work environment built on the values of trust and respect".

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The news of O'Reilly's departure comes on the heels of an exodus of advertisers from his show's time slot.

According to ad-tracking firm Kantar Media, it brought in $147.13 million in advertising revenue in 2016.

O'Reilly's departure puts an end to cable's highest rated program and a $20 million-a-year job for the host. Fox said conservative pundit Tucker Carlson would move into O'Reilly's time slot - the second time in three months he has replaced an exiting prime-time personality.

O'Reilly has denied the merits of other accusations of sexual harassment and inappropriate conduct.

O'Reilly and United States president Donald Trump were both "crowd-pleasing showmen who know how to signal to loyalists in their audience that they are not taking themselves quite as seriously as their detractors are", said news consultant Andrew Tyndall.

Yet his ratings did not seem to suffer, still easily hovering at the top of the cable news landscape even amid the poor press. With a profit center gone, 21st Century Fox stock fell nearly 1 percent Wednesday in heavy trading.

She pointed to a generational split between Rupert Murdoch, the Australian-born media baron traditionally hands-off in such cases and his adult sons, James and Lachlan, taking on an increasingly powerful role.

"They could literally go dark during the time his program airs and they would still be profitable", Mr Wieser said.

"That's bigger than O'Reilly", he said.

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