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.

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Bill O'Reilly through the years
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Bill O'Reilly through the years
NEW YORK, NY - OCTOBER 17: Talk Show Host Bill O'Reilly is seen on October 17, 2016 in New York City. (Photo by Patricia Schlein/Star Max/GC Images)
THE TONIGHT SHOW STARRING JIMMY FALLON -- Episode 0263 -- Pictured: (l-r) Bill O'Reilly and host Jimmy Fallon on May 14, 2015 -- (Photo by: Douglas Gorenstein/NBC/NBCU Photo Bank via Getty Images)
NEW YORK, NY - MARCH 23: Author Bill O'Reilly attends the 'Killing Jesus' World Premiere at Alice Tully Hall at Lincoln Center on March 23, 2015 in New York City. (Photo by Steve Mack/FilmMagic)
NEW YORK, NY - MARCH 23: (L-R) The cast of Nat Geo's 'Killing Jesus' Haaz Sleiman, Eoin Macken, Stephanie Leonidas, Alexis Rodney, Emmanuelle Chriqui, Joe Doyle, Chris Ryman and Kelsey Grammer pose with 'Killing Jesus' book author, Bill O'Reilly (C) at the red carpet event and world premiere of National Geographic Channel's 'Killing Jesus' at Alice Tully Hall on March 23, 2015 in New York City. (Photo by Brad Barket/Getty Images for National Geographic Channel)
NEW YORK, NY - MARCH 23: 'Killing Jesus' book author, Bill O'Reilly attends the red carpet event and world premiere of National Geographic Channel's 'Killing Jesus' at Alice Tully Hall on March 23, 2015 in New York City. (Photo by Paul Zimmerman/WireImage)
TODAY -- Pictured: Bill O'Reilly appears on NBC News' 'Today' show -- (Photo by: Peter Kramer/NBC/NBC NewsWire via Getty Images)
LATE NIGHT WITH SETH MEYERS -- Episode 0142-- Pictured: (l-r) Bill O'Reilly during an interview with host Seth Meyers on December 17, 2014 -- (Photo by: Lloyd Bishop/NBC/NBCU Photo Bank via Getty Images)
NEW YORK, NY - MAY 13: Bill O'Reilly (R) interviews Katie Couric during her visit to 'The O'Reilly Factor' at FOX Studios on May 13, 2014 in New York City. (Photo by D Dipasupil/Getty Images)
NEW YORK, NY - APRIL 09: Rob Lowe talks to host Bill O'Reilly at Fox News' 'The O'Reilly Factor' at Fox News Studios on April 9, 2014 in New York City. (Photo by Rob Kim/Getty Images)
WASHINGTON, DC - OCTOBER 28: Bill O'Reilly attends the National Geographic Channel's 'Killing Kennedy' World Premiere at The Newseum on October 28, 2013 in Washington, DC. (Photo by Kris Connor/Getty Images)
NEW YORK, NY - OCTOBER 16: TV personality Bill O'Reilly enters the 'Late Show With David Letterman' taping at the Ed Sullivan Theater on October 16, 2013 in New York City. (Photo by Ray Tamarra/WireImage)
NEW YORK, NY - MAY 14: Television host Bill O'Reilly is seen exiting'Good Morning America' studios on May 14, 2013 in New York City. (Photo by Raymond Hall/FilmMagic)
WASHINGTON, DC - FEBRUARY 27: Bill O'Reilly, host of FOX News Channel's The O'Reilly Factor, waits for the arrival of U.S. President Barack Obama during an event about Obama's 'My Brother's Keeper' initiative in the East Room at the White House February 27, 2014 in Washington, DC. As part of his 'Year of Action,' Obama announced a $200 million commitment from nine foundations to bolster the education and employment of young men and boys of color. (Photo by Chip Somodevilla/Getty Images)
THE TONIGHT SHOW STARRING JIMMY FALLON -- Episode 0170 -- Pictured: Author Bill O'Reilly on November 25, 2014 -- (Photo by: Douglas Gorenstein/NBC/NBCU Photo Bank via Getty Images)
NEW YORK, NY - JUNE 18: TV Personality Bill O'Reilly attends An Evening with Bill O'Reilly and Geraldo Rivera at 92nd Street Y on June 18, 2014 in New York City. (Photo by Mark Sagliocco/FilmMagic)
NEW YORK, NY - DECEMBER 04: Donald Trump and Bill O'Reilly attend the game between the New York Knicks and the Cleveland Cavaliers at Madison Square Garden on November 30, 2014 in New York City.NOTE TO USER: User expressly acknowledges and agrees that, by downloading and/or using this photograph, user is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Elsa/Getty Images)
NEW YORK, NY - JUNE 18: (L-R) TV Personalites Geraldo Rivera and Bill O'Reilly attend An Evening with Bill O'Reilly and Geraldo Rivera at 92nd Street Y on June 18, 2014 in New York City. (Photo by Mark Sagliocco/FilmMagic)
TODAY -- Pictured: Bill O'Reilly appears on NBC News' 'Today' show -- (Photo by: Peter Kramer/NBC/NBC NewsWire via Getty Images)
NEW YORK, NY - OCTOBER 16: Bill O'Reilly attends the 11th annual Giants of Broadcasting Honors at Gotham Hall on October 16, 2013 in New York City. (Photo by Noam Galai/WireImage)
THE VIEW - (10.1.13) Today's guest co-host is Jason Biggs ('Orange is the New Black.') Guests include Bill OReilly (author, Killing Jesus); Matt Long and Lorraine Bruce (ABC's 'Lucky 7') on ABC's 'The View.' 'The View' airs Monday-Friday (11:00 am-12:00 pm, ET) on the ABC Television Network. (Photo by Fred Lee/ABC via Getty Images) BARBARA WALTERS, BILL O'REILLY
Regis Philbin talks with Bill O'Reilly, of the O'Reilly Report, during the Court TV celebration of it's 10th anniversary at American Park inside Battery Park in New York City on July 18, 2001. photo by Gabe Palacio/ImageDirect
Bill O'Reilly attends the benefit for Homeless Children on November 16, 1989 at Letizia Restaurant in New York City. (Photo by Ron Galella, Ltd./WireImage)
THE TONIGHT SHOW WITH JAY LENO -- Episode 4420 -- Pictured: (l-r) Bill O'Reilly during an interview with host Jay Leno on March 1, 2013 -- (Photo by: Margaret Norton/NBC/NBCU Photo Bank via Getty Images)
TODAY -- Pictured: (l-r) Hoda Kotb, Kathie Lee Gifford and Bill O'Reilly appear on NBC News' 'Today' show -- (Photo by: Peter Kramer/NBC/NBC NewsWire via Getty Images)
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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.

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