WASHINGTON — Bill O’Reilly “will not be returning to the Fox News Channel,” according to a statement from 21st Century Fox.

Fox News’ parent company made the announcement Wednesday afternoon after reports that O’Reilly and his employer paid five women $13 million to settle harassment or other allegations of inappropriate conduct by Fox’s top star.

Since the reports and additional allegations surfaced, many “O’Reilly Factor” advertisers began to distance themselves.

21st Century Fox released the following statement:

“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.” 

Stay with WTOP.com for updates on this developing story.