In a statement, O'Reilly said: "It is tremendously disheartening that we part ways due to completely unfounded claims".
However, Fox News's statement Wednesday afternoon said that "Bill O'Reilly will depart Fox News Channel, effective immediately".
Dozens of advertisers ditched "The O'Reilly Factor" after a New York Times report detailed $13 million in payouts to five women over his alleged abusive behavior; more allegations subsequently emerged.
"We've come here to deliver a petition and a message to Fox and that is Bill O'Reilly has got to go", New York City Public Advocate Letitia James said.
There is, however, one notable thing about the Times investigation: It caught the ire of O'Reilly's advertisers, and more than 50 of them dropped the show.
O'Reilly is now on vacation and, barring a decision otherwise by the Murdochs, scheduled to return to his show on April 24.
O'Reilly had been at the network since its start-up days. creating what was then called "The O'Reilly Report" in 1996. "Cable news is someone standing on a mountain top shouting, and Bill O'Reilly was on the highest peak so he echoed across the landscape".
In case you haven't been keeping up with the news on Fox News, the network has been getting a lot of bad publicity over sexual harassment allegations since a number of female Fox employees accused the network's former CEO Roger Ailes of misconduct.
At least now maybe things will have a friendlier air with Carlson sandwiched between Martha McCallum at 7 p.m. and "The Five" at 9 p.m. O'Reilly never passed the baton to Carlson at the close of his show.More news: Belgium had sought suspect in foiled French election attack
"I understand how hard this has been for many of you", Rupert Murdoch said in the memo.
That will be Tucker Carlson, whose show is moving to the 8 p.m. slot on Fox. With a profit center gone, 21st Century Fox stock fell nearly 1 percent Wednesday in heavy trading.
So. Awkward. The timing of this photo couldn't be any more embarrassing.
"Humiliate this motherf**ker Bill O'Reilly". The Murdochs have not yet announced a decision regarding O'Reilly's future, but one well-placed source told CNNMoney on Tuesday that representatives for Fox and O'Reilly are discussing the possibility of an exit, and the Murdoch-owned Wall Street Journal has reported that they are preparing to cut ties.
It's unclear if Fox will have to pay O'Reilly some form of severance. It's home to movie and TV studios; a slew of sports and other cable channels; and the Fox broadcast network and shows like "The Simpsons", "Family Guy", and its latest hit, "Empire".
Bill O'Reilly better start looking for a new gig!
"That's bigger than O'Reilly", he said.
Vatican spokesman Greg Burke confirmed O'Reilly was in the VIP section for the pope's Wednesday appearance.
Francis always swings by the VIP seats at the end of his audience for a quick round of handshakes.