UPDATE April 20, 3:17 p.m. EST:
Recently ousted Fox News host Bill O'Reilly could receive an exit package of up to $25 million -- equivalent to one year of his salary -- two sources briefed on the matter told the New York Times.
Some on Twitter, including former Arkansas Gov. Mike Huckabee, mocked the payout.
UPDATE 8:05 p.m. EST:
After being ousted from Fox News, O'Reilly said goodbye to his viewers via a statement, having been denied the chance to do so upon his return from vacation.
"It is tremendously disheartening that we part ways due to completely unfounded claims," he said. "But that is the unfortunate reality that many of us in the public eye must live with today. I will always look back on my time at Fox with great pride in the unprecedented success we achieved and with my deepest gratitude to all my dedicated viewers."
UPDATE 3:45 p.m. EST:
Tucker Carlson and his show will replace O'Reilly's 8 p.m. slot starting Monday April 24, Variety reported.
UPDATE April 19, 2:31 p.m. EST:
In a Wednesday statement, Fox News's parent company -- 21st Century Fox -- announced that Bill O'Reilly, the host of the "O'Reilly Factor" will not return to the network following his vacation.
"After a thorough and careful review of the allegations, the Company and Bill O'Reilly have agreed that Bill O'Reilly have agreed that Bill O'Reilly will not be returning to the Fox News Channel," the statement read.
ORIGINAL STORY: One of Fox News' most notable hosts -- Bill O'Reilly -- may get the boot from "The O'Reilly Factor."
A source familiar with the situation told CNN on Tuesday that representatives of Fox News and Bill O'Reilly have begun a conversation about his exit from the network after the New York Times published a story that claimed that O'Reilly was involved in a settlement scheme to cover up instances of sexual harassment and verbal abuse.
The CNN source said an announcement about O'Reilly's fate is likely to be made by the end of the week. On Thursday, 21st Century Fox --the network's parent company--will hold a board meeting in which O'Reilly's future will be a primary topic.
According to New York Magazine, there seems to be disagreement among the Murdoch family -- which owns 21st Century Fox -- about what to do with the host, who has roughly six days of vacation left. Sons James and Lachlan are reportedly arguing for O'Reilly's removal, though there seems to be resistance from their father, Rupert.
As one of Fox News' most profitable shows, it's no surprise that media executives are weighing the implications of boosting the host of "The O'Reilly Factor." But, for advertisers, the damage is already done. Amid backlash, nearly 40 advertisers have already pulled out.