Yesterday, the media world was rocked with the news that FOX News’ was parting ways with Bill O’Reilly, the host of The O’Reilly Factor.
Love him or hate him, O’Reilly was one of the biggest names in the media world. For two decades, his ratings were the biggest in cable news. In the end, however, his career could not survive the growing allegations of sexual harassment. The parent company of FOX News, 21st Century FOX, made the following announcement.
“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.”
In late March 2017, O’Reilly’s $25 million a year contract was extended by FOX News. So, how much will it cost the company to sever ties with him? The answer is quite a pretty penny.
Reportedly, Bill O’Reilly’s contract stipulates that he receives compensation equal to a maximum of one year’s salary if his contract is canceled. The final amount decided on by the two parties could be lower but that means that O’Reilly stands to receive $25 million from 21st Century FOX since his contract was canceled yesterday, effective immediately.
According to CNN, both Bill O’Reilly and those associated with 21st Century FOX are barred from talking about the agreement or settlement.