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Bill O'Reilly is out at Fox News, parent company 21st Century Fox said in a statement on Wednesday.
"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 company said.
O'Reilly's removal comes amid allegations of sexual harassment, but the ousted anchor stood by his denials in a statement later on Wednesday.
"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," he said.
O'Reilly said, however, that he has been "extremely proud" of his show, "The O'Reilly Factor" and that he will look back on his time at Fox with "great pride" and says he only wishes the best for the network.
Earlier this month, a slew of major brands pulled their advertisements from Fox News' "The O'Reilly Factor" in the wake of the allegations of inappropriate behavior. The New York Times reported earlier in April that he or Fox settled five cases, totaling about $13 million.
In an internal memo obtained by NBC News, Fox said the decision was made in collaboration with outside counsel.
"By ratings standards, Bill O'Reilly is one of the most accomplished TV personalities in the history of cable news. In fact, his success by any measure is indisputable. Fox News has demonstrated again and again the strength of its talent bench. We have full confidence that the network will continue to be a powerhouse in cable news," the memo said.
CNBC confirmed that Tucker Carlson will take over the 8 p.m. ET timeslot.
The Murdoch family did not finalize their decision to let O'Reilly go until Wednesday morning.
The storm clouds over O'Reilly have fueled further questions about Fox's company culture.
Last summer, Roger Ailes resigned from his leadership positions at the company in the wake of sexual harassment allegations.
O'Reilly is the latest Fox personality to leave the network. His exit follows that of Gretchen Carlson, Greta Van Susteren and Megyn Kelly. Van Susteren has since joined MSNBC, while Kelly has moved to NBC News.
— CNBC's David Faber, Julia Boorstin, and NBC News contributed reporting.
Disclosure: NBCUniversal is the parent company of CNBC, MSNBC and NBC News.
Watch: Pro says O'Reilly ad revenues over-reported