Report: O'Reilly To Receive $25M In Severance

(Reuters) -- Bill O'Reilly's amended contract says that the ousted Fox News host will receive up to one year's salary — as much as $25 million, sources said.

According to CNBC, the contract says he will get up to one year's salary, a person familiar with the matter.

His annual salary is worth about $25 million, according to NBC News, which cited a person with direct knowledge of O'Reilly's contract.

Neither Fox, nor an attorney for O'Reilly, Michael Bowe, had any immediate comment.

On Wednesday, the network's parent company 21st Century Fox announced that O'Reilly would not be returning to Fox News.

His removal came after The New York Times reported that O'Reilly and Fox settled five cases of sexual harassment allegations for about $13 million.

O'Reilly has vigorously denied the claims, saying Wednesday that he found it "tremendously disheartening" to leave Fox on "completely unfounded claims."

Earlier this month, a slew of major brands pulled their advertisements from Fox News' "The O'Reilly Factor" in the wake of the allegations.

In an internal memo circulated Wednesday, Fox said the decision to remove O'Reilly was made in collaboration with outside counsel.

"By ratings standards, Bill O'Reilly is one of the most accomplished TV personalities in the history of cable news," the memo said. "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."

The memo, signed by Rupert Murdoch and his sons, Lachlan and James, also reiterated Fox's "consistent commitment to fostering a work environment built on the values of trust and respect."