Bill O’Reilly’s amended contract suggests that the ousted Fox News anchor will receive a maximum of one-year’s salary, a person familiar with the matter told CNBC.
NBC News reported, citing a person with direct knowledge of O’Reilly’s contract, that his annual salary is worth about $25 million.
On Wednesday, the network’s parent company 21st Century Fox announced that O’Reilly would not be returning to Fox News.
His removal came after The New York Times reported that O’Reilly and Fox settled five cases of sexual harassment allegations for about $13 million.
O’Reilly has vigorously denied the claims, saying in a Wednesday statement that he found it “tremendously disheartening” to leave Fox on “completely unfounded claims.”
Earlier this month, a slew of major brands pulled their advertisements from Fox News’ “The O’Reilly Factor” in the wake of the allegations.
In an internal memo circulated Wednesday, Fox said the decision to remove O’Reilly was made in collaboration with outside counsel.
“By ratings standards, Bill O’Reilly is one of the most accomplished TV personalities in the history of cable news. In fact, his success by any measure is indisputable. Fox News has demonstrated again and again the strength of its talent bench. We have full confidence that the network will continue to be a powerhouse in cable news,” the memo said.
The memo, signed by Rupert Murdoch and his sons, Lachlan and James, also reiterated Fox’s “consistent commitment to fostering a work environment built on the values of trust and respect.”
This story is developing. Please check back for further updates.
— Reporting by CNBC’s Julia Boorstin and NBC News. Written by Christine Wang.