His annual salary is worth about $25 million, according to NBC News, which cited a person with direct knowledge of O'Reilly's contract.
But the departure of major advertisers, anxious about the knock-on effect of being associated with "The O'Reilly Factor", ultimately sealed his fate as the Murdoch family, which owns the corporation, flexes their might in a global marketplace.
Indeed, he was the linchpin in the network's highly lucrative primetime lineup, where his show was the No. 1 cable news program for 16 years and this year was averaging close to 4 million viewers each night.
On Thursday, following news of his departure, one of the anonymous women accusing O'Reilly of the sexual harassment revealed herself.
Federal prosecutors have questions too: A lawyer representing former Fox News co-host Andrea Tantaros, who's suing former Fox News chairman Roger Ailes, says the U.S. Attorney has subpoenaed one of his other clients.
She sued Ailes last July and left the network with a 20 million USA dollars settlement. "But that is the unfortunate reality many of us in the public eye must live with today", O' Reilly said in the statement.
Ailes and O'Reilly have denied the allegations.
History will not be kind to Bill O'Reilly, said Rep. Maxine Waters, who recently found herself on the receiving end of the now former Fox News anchor's jabs.
O'Reilly, who started at Fox News in 1996, was considered the network's top asset.
O'Reilly hosted the top-rated program on cable news and was the author of two books now on the best-seller lists.
"Corporate culture there obviously has to change", Palin told CNN's Jake Tapper.