BREAKING: Bill O'Reilly is officially out of Fox News

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This is indeed a sad time for conservatives out there. Bill O’Reilly has officially departed Fox News. The Murdochs have decided Bill O’Reilly’s 21-year run at Fox News will come to an end. According to sources briefed on the discussions, network executives are preparing to announce O’Reilly’s departure before he returns from an Italian vacation on April 24. Now the big questions are how the exit will look and who will replace him.

“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 in a statement.

Wednesday morning, according to sources, executives are holding emergency meetings to discuss how they can sever the relationship with the country’s highest-rated cable-news host without causing collateral damage to the network. The board of Fox News’ parent company, 21st Century Fox, is scheduled to meet on Thursday to discuss the matter.

Sources briefed on the discussions say O’Reilly’s exit negotiations are moving quickly. Right now, a key issue on the table is whether he would be allowed to say good-bye to his audience, perhaps the most loyal in all of cable (O’Reilly’s ratings have ticked up during the sexual-harassment allegations). Fox executives are leaning against allowing him to have a sign-off, sources say. The other main issue on the table is money. O’Reilly recently signed a new multiyear contract worth more than $20 million per year. When Roger Ailes left Fox News last summer, the Murdochs paid out $40 million, the remainder of his contract.

Mr. O’Reilly, 67, has been an anchor at Fox News since he started at the network in 1996. He was the top-rated host in cable news, serving up defiant commentary every weekday at 8 p.m., with a message that celebrated patriotism and expressed scorn for political correctness. His departure is a significant blow to Fox News’s prime-time lineup, which in January lost another star, Megyn Kelly, from a lineup that dominated the prime-time cable news ratings.

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