Bill O'Reilly stands to receive as much as $25 million in a payout from Fox News after being fired by the network amid mounting sexual-harassment allegations. A person with knowledge of the matter told Business Insider on Thursday that O'Reilly's ...and more »
Bill O'Reilly. Ilya S. Savenok/Getty Images
Bill O'Reilly stands to receive as much as $25 million in a payout from Fox News after being fired by the network amid mounting sexual-harassment allegations.
A person with knowledge of the matter told Business Insider on Thursday that O'Reilly's amended contract provides that he receive a maximum of one year's salary. The amount the parties settle on could be lower than that, though.
According to a CNN report earlier Thursday citing two sources, the payout is the result of O'Reilly's contract with Fox News' parent company, 21st Century Fox, that was signed in late March.
The sources told CNN that O'Reilly was to be paid about $25 million a year under the contract, which covered him through 2020 0r 2021, which would include the next presidential election. Previous reports said his salary was between $18 million and $20 million.
In creating O'Reilly's contract, the company may have used what it learned from its ousting in July of Fox News CEO Roger Ailes, who had been accused of sexual harassment by multiple women. Ailes was paid the remainder of his contract, a sum reportedly more than $40 million.
According to CNN's sources, Fox placed some exit clauses in O'Reilly's contract in case his employment ended before it expired.
CNN reports that both O'Reilly and 21st Century Fox are barred by confidentiality agreements from speaking about the payout. Business Insider has contacted Fox News and 21st Century Fox for comment.
O'Reilly's exit comes after an explosive report by The New York Times found that Fox and O'Reilly had paid $13 million in settlements to women who had accused the host of making unwanted sexual advances, as well as new accusations of sexual harassment and an exodus of more than 20 advertisers from the time slot of "The O'Reilly Factor," the top-rated show on cable news.
The host said last week he was taking a previously planned vacation. But on Wednesday, Fox issued a statement confirming he would "not be returning to the Fox News Channel."
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