Earlier this month, O'Reilly was the subject of a New York Times report that detailed how he and Fox News paid about $13 million to settle complaints from five women who had worked for him or appeared on his show.
"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". The statement from 21st Century Fox is coming after growing public resentment about O'Reilly's alleged behavior.
O'Reilly's exit, which was first reported by NY magazine, follows that of former Fox News Chairman Roger Ailes, who was forced to resign in July after being accused of sexual misconduct by a number of women, including former anchor Gretchen Carlson.
In a statement to the Times, O'Reilly said he was "vulnerable to lawsuits" due to his prominence, and had "put to rest any controversies to spare my children". This law firm has uncovered evidence that the smear campaign is being orchestrated by far-left organization bent on destroying O'Reilly for political and financial reasons.
And you, his audience, responded in record numbers, making "The Factor" the number one cable news show for more than 16 years. 21st Century Fox said after Walsh had called the hotline that it was opening an investigation into O'Reilly's conduct. In January, he filled in Megyn Kelly's spot who described her departure from the network for NBC as a "tough decision".
But after The New York Times report, advertisers including BMW of North America, Allstate Corp, French pharmaceuticals maker Sanofi SA and T Rowe Price, pulled their advertising from O'Reilly's primetime show.
A source close to O'Reilly said the broadcaster has not given much thought to his Fox-less future yet.
"You need to write and call Fox News Channel today and tell them, you can lose your advertisers or you can lose your viewers", Beck said on his radio show hours before the firing.
"Women's voices are finally being heard and I'm elated", she told CNN.
O'Reilly's pugnacious personality wasn't just an onscreen affectation, with one of the settlements going to a woman who complained about being shouted at in the newsroom.
O'Reilly is also one of the country's most popular nonfiction authors.
O'Reilly and co-author Martin Dugard are due to release another book in the "Killing" series in September, and a spokeswoman for publisher Henry Holt and Co. said that plans had not changed.
The National Geographic channel has turned several of O'Reilly's books into TV movies.
O'Reilly met the Pope in a VIP line at the Vatican and shook hands with the Catholic leader.
Walsh does not have a legal claim against O'Reilly due to the statute of limitations on harassment cases in NY and California, but she did report the matter to the human resources hotline of the company earlier this month.