The New York Times reported on Wednesday, citing an unnamed source, that the new contract allowed Fox News to dismiss O'Reilly if it became aware of any new allegations against him.
The parent company of Fox News, 21st Century Fox, said this week that it parted ways with O'Reilly "after a thorough and careful review of the allegations".
Colbert admitted that he "owes a lot" to O'Reilly because he spent nine years playing "Stephen Colbert" who was "based largely" on the former Fox News host.
"Over the years, I have talked one or twotimes about Fox News host, and bold fresh piece of humanity, Bill O'Reilly", Colbert said.
In a statement from O'Reilly after his ouster, he maintained his innocence.
Though his new contract was built with several "outs" in case the sexual harassment allegations led to his firing, Stelter reported that the Murdochs were caught off guard by the swift backlash by advertisers.
Of course, President Fraud came to O'Reilly's defense recently, calling him a "good person".
Fox News anxious about its own brand as well. Business Insider has contacted Fox News and 21st Century Fox for comment. And there might also be worldwide business pressures on its parent company, 21st Century Fox, that factored into the decision.
After weeks of embarrassing press for Fox News, the company has cut ties with Bill O'Reilly. "You failed him. You failed Bill O'Reilly", Colbert's alter ego said.
Bill O'Reilly and Jon Stewart go head-to-head on Comedy Central's The Daily Show.
"He is an incredibly talented broadcaster who raised the bar for interviewers everywhere", said Perino.
"The fact that Fox News is only taking action against O'Reilly after an investigation revealed that they could be defrauding shareholder by not revealing payments made to cover up the abuse, isn't lost on anyone".
It is unclear what Mr O'Reilly will do next - or if he will contest the terms of his exit. "It was hard for corporations to defend". "They should not ever have to put up with any kind of intimidating workspace", said Palin, a former Fox News contributor.
I will always look back on my time with Fox with great pride in the unprecedented success we achieved and with my deepest gratitude to all my dedicated viewers.