Previous news reports have said O'Reilly's past contract was between $18 and $20 million per year.
Neither Fox, nor an attorney for O'Reilly, Michael Bowe, had any immediate comment.
However, O'Reilly will not be paid the entire amount he was owed.
The debacle at Fox News Channel is a stunning reminder that news organizations are businesses, first and foremost. As was the $40 million payout to Ailes.
Last summer, Roger E. Ailes, the chairman of Fox News, left the network with an exit package worth 40 million USA dollars after several women made sexual harassment allegations against him. He was paid more than £31 million. He recently bought a $36 million oceanfront home in Florida. But two well-placed sources confirmed to CNNMoney that O'Reilly does have a parachute.
Posters featuring Bill O'Reilly are displayed at the News Corp. headquarters in Midtown Manhattan, Wednesday, April 19, 2017.
"Really this was a storm that the Murdoch family wanted to weather, but ultimately, they realized they couldn't", Sherman said.
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"It has only been in recent years that women have felt strong enough to come forward and talk about what has happened to them", she said. Jake Tapper on Thursday asked Sarah Palin if she ever experienced harassment while at Fox, working as a contributor, and she revealed a troublesome attitude toward harassment in the workplace.
This month, the timeline repeated itself.
According to Steel, she was surprised when O'Reilly was sacked. The results of the internal probe were not shared publicly on Wednesday, but it apparently influenced the Murdochs' decision.
The news of his departure follows an in-depth investigation by the New York Times that started on April 1.
Palin replied, "You know I'm not going to speak for them, my contract wasn't renewed - that's the line". He said it was "tremendously disheartening" that his relationship with the network ended because of "completely unfounded claims".
"As a strong woman", she added, "I say we should feel more empowered than that and take a stand and get out of the place and blow the whistle on the perpetrator doing the bad stuff so that the culture will change".