Former Fox News host Bill O’Reilly is set to receive a payout of tens of millions of dollars from the network following his ouster, according to a report published Thursday by CNN.
An unnamed source personally involved in exit negotiations told CNN that O’Reilly will receive “a staggering amount” upon leaving Fox News. The network announced O’Reilly’s departure Wednesday amid allegations of sexual harassment that resulted in dozens of advertisers dropping his show.
CNN cited two unnamed “well-placed” sources who said O’Reilly’s new contract, which he signed shortly before his ouster, extended through the next presidential election and was worth around $25 million annually.
Both sources said that O’Reilly will receive a payout, per the report, but one also said that O’Reilly will not be paid the entire amount of his contract.
The Financial Times reported Thursday afternoon that O’Reilly will receive a payout of $25 million, citing an unnamed source with knowledge of the four-year contract.
An unnamed source aware of the contract’s terms told the Financial Times that it provides for the former host to “receive a maximum of one year’s salary.”
The New York Times reported on Wednesday, citing an unnamed source, that the new contract allowed Fox News to dismiss O’Reilly if it became aware of any new allegations against him.
The network’s parent company, 21st Century Fox, and O’Reilly’s representatives would not acknowledge any parachute, according to CNN, which noted that both are bound by a confidentiality agreement.