Bill O'Reilly will be paid tens of millions of dollars after his career at Fox News ended this week amid a cloud of harassment allegations.
"It is a staggering amount," said a source personally involved in the exit maneuverings.
21st Century Fox and O'Reilly's representatives will not acknowledge the existence of a payout. A confidentiality agreement limits what the two sides can say. However, two well-placed sources confirmed to CNNMoney that O’Reilly does have a parachute because he signed a new contract prior to his ouster.
The two sources, who spoke independently of one another, said the new contract was worth about $25 million per year.
An investigation by The New York Times found O’Reilly and Fox had reached settlements totaling $13 million with five women who had accused O’Reilly of sexual harassment or verbal abuse. Those allegations also led dozens of sponsors to remove their ads from “The O’Reilly Factor."
O’Reilly issued a statement Thursday that reaffirmed his innocence, saying “it is tremendously disheartening that we part ways due to completely unfounded claims. But that is the unfortunate reality many of us in the public eye must live with today.”
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