Bill O'Reilly out at FOX News amid sexual harassment allegations

Bill O'Reilly's time at FOX News has officially come to an end.

The network's parent company, 21st Century Fox, released a statement on Wednesday afternoon revealing that the "O'Reilly Factor" host has officially been let go after 21 years following multiple reports that he had sexually harassed women for years.

"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 statement reads.

Network executives reportedly held an emergency meeting on Wednesday morning to discuss how to reveal their decision without suffering blowback from O'Reilly's loyal audience.

O'Reilly, who is the top-rated news host on cable television, is currently out on a pre-planned vacation until April 24. He released a statement a couple of hours after 21st Century Fox's announcement, calling the decision "disheartening."

Read the full statement below:

"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 with 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 for Fox News Channel."

A report surfaced earlier this week that the Murdochs were leaning toward dumping O'Reilly. Network owner Rupert Murdoch held out hope on keeping the star, but his sons, James and Lachlan, were firm on their decision to let him go.

His departure comes after the New York Times released a report nearly three weeks ago that revealed how Fox News and 21st Century Fox had repeatedly stood by him even as sexual harassment allegations piled up. The network and O'Reilly had paid out over $13 million settling harassment suits with different women.

Since then, over 50 advertisers have cut ties with his show, including BMW and Allstate.

Attorney Lisa Bloom, who helped women report the harassment to the network's hotline, claimed O'Reilly used to leer at an African-American FOX News clerical worker and called her "hot chocolate."

While the staffer didn't work under O'Reilly, her desk was near his.

"He would never talk to her, not even hello, except to grunt at her like a wild boar," Bloom added.

The anchor "just recently signed a new multi-year contract worth more than $20 million per year" -- so the biggest question is how the network will handle the financial aspect of his termination.