Bill OReilly will no longer be employed at Fox News , the networks parent company 21st Century Fox said in a statement Wednesday. The decision comes after allegations of him sexually harassing female colleagues prompted protests outside network headquarters and a mass exodus from advertisers.

After a thorough and careful review of the allegations, the Company and Bill OReilly have agreed that Bill OReilly will not be returning to the Fox New Channel, the statement read.

OReilly confirmed the news later that afternoon in a press release, saying his ousting was provoked by completely unfounded claims.

Over the past 20 years at Fox News, I have been extremely proud to launch and lead one of the most successful news programs in history, which has consistently informed and entertained millions of Americans and significantly contributed to building Fox into the dominant news network in television. It is tremendously disheartening that we part ways due to completely unfounded claims. But that is the unfortunate reality 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. I wish only the best Fox News Channel.

OReilly had said mid-April that he was taking a vacation . The official departure from Fox is an unceremonious end for the host, who had anchored the top-rated cable news show The OReilly Factor since its inception more than 20 years ago. His stunning exit mirrors that of former Fox News chairman Roger Ailes, who launched Fox News in 1996 and abruptly left the network last summer amid widespread sexual harassment allegations.

Fox News host Tucker Carlson will take over OReillys 8 p.m. time slot next Monday, Fox confirmed. The OReilly Factor will continue this week with guest hosts Dana Perino on Wednesday and Thursday, and Greg Gutfeld on Friday.

Following a bombshell New York Times report earlier this month indicating OReilly and Fox News have paid around $13 million in settlements to address complaints brought by five of his former female colleagues, advertisers began fleeing the show. Within days, more than 50 companies announced they would no longer air spots during the show.

New York magazine reported that Rupert Murdoch, executive chairman of 21st Century Fox, had advocated for keeping OReilly on board, while sons James and Lachlan had pushed for his departure.

Though 21st Century Fox had pledged to clean up Fox News following the Ailes scandal, the Times revealed that the company continued to privately settle lawsuits with OReilly accusers and even renewed the hosts contract, reportedly at more than $20 million a year.

The entertainment and media giant presumably stuck with OReilly because he has been a cash cow for Fox News. Hes the linchpin of the networks primetime lineup and his top-rated show is major draw when it comes to negotiating fees to carry the channel with cable and satellite providers. And The OReilly Factor brought in $446 million in advertising dollars over a three-year period.