Transcript for Bill O'Reilly out at Fox News
Not so much Bill O'Reilly. Fired by Fox News after a string of sexual harassment accusations O'Reilly got the news just after he met pope Francis at the Vatican that ended a more than 20-year run with the begin of Fox News in 1996. He has been a cash cow for fox News for 16 years but advertisers abandoned the show after reported settlements were paid to five women accusing him of inappropriate behavior. Rebecca Jarvis at Knox news headquarters with all the latest. Good morning. Reporter: Executives here at Fox News reportedly spent all day Wednesday in back-to-back meetings deciding the fate of Bill O'Reilly, the network's top star, the show, his show, its top performer and after a deep review and consultation with attorneys, they ultimately decided to terminate their biggest star. Again, thanks for watching us tonight. Reporter: Overnight the show known for 20 years as "The O'Reilly factor" hit the air with a new title, just "The factor." It is an end of an era here. As we mentioned earlier bill O'Reilly is leaving this chair and this network after more than 20 years. Reporter: Just hours earlier 21st century fox announcing nearly three weeks after growing allegations surfaced about the star regarding sexual harassment and mistreatment that it is severing ties with O'Reilly saying "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." Caution, you are about to enter the no spin zone. "The factor" begins right now. Reporter: The Murdoch family which runs Fox News adding in an internal memo obtained by ABC news, "This decision follows an extensive review done in collaboration with outside counsel." O'Reilly who just hours before the announcement was photographed on vacation shaking hands with the pope releasing his own statement saying "It is tremendously disheartening that we part ways due to completely unfounded claims." Civil war in congress, that is the subject of this evening's talking points memo. Reporter: For 16 years O'Reilly's show was the number one program on cable news. Bringing in hundreds of millions of dollars annually. But in the last few weeks at least 83 ad buyers dropped out. Network executives reportedly worried that more accusers might come forward if O'Reilly stayed on the air, making him a liability. They want their audience to know nothing's changing. Bill has left the building, but nothing else is going to change. Reporter: And for now fox News has revamped its prime time lineup beginning Monday tucker Carlson will take over O'Reilly's old time spot. What we don't know at this point is how much Bill O'Reilly will leave with in severance. Many speculating it could be in the ballpark of what former network boss Roger Ailes took when he departed, George, that would be in the ballpark of $40 million. A lot of payouts from fox. We'll talk about it with our chief legal analyst Dan Abrams. Reports that Rupert Murdoch was resisting this but in the end had no choice. Remember, this isn't about those "The New York Times" reports. This is what came forward after that. They were in a spot where with the number of allegations with Paul Weiss investigating and with them handing this to 21st century fox and saying, here's what we've amassed, that they may have felt that they had no choice. Now, remember, this isn't in a vacuum. They were losing business. But I don't believe it was about the advertisers. I really don't. Do I think that was relevant? Yes. Do I think that was the ultimate reason this happened? No. I think that they had promised a changed culture in the wake of Roger Ailes. Roger Ailes was an even more seismic event in my view than Bill O'Reilly. He created Fox News. He led Fox News. He led the culture at Fox News. When Roger Ailes was ousted, it changed everything there. And I think that that ultimately led to what we've seen here and so you can't view Bill O'Reilly and just say, what happened to Bill O'Reilly? You have to view it in the what happened to Bill O'Reilly after Roger Ailes? Getting rid of Bill O'Reilly doesn't end their legal vulnerability necessarily. For sexual harassment claim you got a three-year statute of limitations. Anyone who believes he or she was harassed has to bring a lawsuit within three years. So I think that the vulnerability is going to be what limited there in terms of the time frame. But I think that this is more a pr issue. When I say pr it's also internal. You've got all the employees there. It's not just the people on the outside. It's not just the fans of the show. It's not just the activists. It is also the employees. Real test for fox to see if they can survive without their star, their prime time lineup entirely changed. What they prided themselves on not dependent on one personality. It's the fox brand. That we can lose someone. We can lose another person. We still got fox. Well, now this is the ultimate test because Bill O'Reilly was Fox News to a lot of people. And when you lose Bill O'Reilly, now you're going to test it B butting look, they have a new team in there and I think -- I think people who say fox is done, don't understand fox. Dan Abrams, thanks very much.
This transcript has been automatically generated and may not be 100% accurate.