Bill O’Reilly will receive tens of millions of dollars in his high-profile exit from Fox News amid sexual harassment allegations, according to a report.
The longtime “The O’Reilly Factor” host, axed by the network on Wednesday after 21 years, had a sizeable safety net in his contract, CNN reported.
“It is a staggering amount,” a source involved in the anchor’s departure told the news network.
CNN reported the 67-year-old O’Reilly’s recent contract extension was set to pay him $25 million a year.
A source added that O’Reilly won’t get the full amount of the contract, which was set to carry the high-ranking TV host at least through the 2020 election, according to the network.
Parent company 21st Century Fox worked “outs” into O’Reilly’s extension when it was signed last month.
Weeks after the contract was signed, The New York Times reported O’Reilly and Fox News had paid $13 million to pay five sexual harassment accusers over the last few years.
Members of the Murdoch family who run 21st Century Fox were aware of the coming Times story and weaved the “outs” into his contract, CNN reported. But they didn’t expect that the fallout — including pulled advertising and protests outside company headquarters — would be this strong.
Longtime Fox News CEO Roger Ailes was given a fat check when he resigned from the company last summer — grappling with his own set of harassment allegations.
Ailes was reported to have gotten a $60 million golden parachute to leave the network he helped establish. But that number was whittled down to $40 million by September 2016 in a severance deal brokered by Rudy Giuliani.