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Bill O'Reilly, the star of Fox News' prime-time lineup, is leaving the network after more than two decades.

"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," 21st Century Fox said in a statement Wednesday.

The announcement comes after revelations surfaced in The New York Times earlier this month that O'Reilly had settled several sexual harassment claims leading to advertisers fleeing O'Reilly's show and a sustained protest movement against him.

"This decision follows an extensive review done in collaboration with outside counsel," Rupert, Lachlan and James Murdoch wrote in a note to staff. "By ratings standards, Bill O'Reilly is one of the most accomplished TV personalities in the history of cable news. In fact, his success by any measure is indisputable. Fox News has demonstrated again and again the strength of its talent bench. We have full confidence that the network will continue to be a powerhouse in cable news."

"Lastly, and most importantly, we want to underscore our consistent commitment to fostering a work environment built on the values of trust and respect."

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