"As a result of ongoing discussions, Netflix and the producers have written Danny Masterson out of 'The Ranch,'" the statement read. "Yesterday was his last day on the show, and production will resume in early 2018 without him."
In a statement provided to USA Today Tuesday, Masterson said he was "very disappointed" in Netflix's decision to write his character off the show, adding that he has "denied the outrageous allegations" against him from day one.
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"Law enforcement investigated these claims more than 15 years ago and determined them to be without merit. I have never been charged with a crime, let alone convicted of one," the statement read. "In this country, you are presumed innocent until proven guilty. However, in the current climate, it seems as if you are presumed guilty the moment you are accused."
He added that he looks forward to clearing his name "once and for all," but thanked his fans and the cast and crew of the show, wishing them "nothing but success."
Masterson, who plays Jameson "Rooster" Bennett on the Emmy-winning series, has been a part of the the show since it began in 2016. The series also stars Ashton Kutcher, who is also credited as a producer.
Los Angeles police began investigating Masterson, who his best known for his role as Steven Hyde on the TV series 'That '70s Show,' the department confirmed in March, after three women reported being sexually assaulted by him in the early 2000s.
A representative for Masterson, who has not been charged with a crime, denied the allegations in a statement the same month. The representative said one of the accusers was Masterson's longtime girlfriend, who continued to date him after the alleged incident.
"The alleged incident occurred in the middle of their six-year relationship, after which she continued to be his longtime girlfriend," the statement said.
Masterson, who has identified himself as a practicing Scientologist, said in the statement that he believes the "false allegations" are an attempt to boost a television series featuring former members of the Church of Scientology. He says one of the women only came forward after speaking with one of the show's producers.
'The Huffington Post' reports that a case from one of Masterson's accuser did not move forward due to the Church of Scientology intervening with over 50 affidavits from Scientologists who denied the woman's account.
The news site also reported Monday that one of Masterson's alleged sexual assault victims said a Netflix executive told her the company did not believe the four accusers.
Netflix confirmed in a statement to the site that Andy Yeatman, the streaming service's director of global kids content, made "careless" and "uninformed" comments, but was unaware that the woman he was speaking to was one of Masterson's accusers.