O'Reilly has been dogged by claims of sexual harassment, which caused many advertisers to cease sponsorship of his Fox News show, the O'Reilly Factor. The agreements totaled about $13 million. But the attention surrounding the accusations against O'Reilly - prompting protests outside Fox News headquarters in Midtown Manhattan - would have made it hard for any advertiser to return to the program.
His exit came nine months after his former boss, Fox News CEO Roger Ailes, was ousted following allegations of sexual harassment.
That put pressure on 21st Century Fox and the Murdoch family, which controls the company.
Bill O'Reilly has spoken out following his departure from Fox News amid harassment allegations.
"I'm not going away", said Lisa Bloom, attorney for the latest accuser and another woman who alleges her career stalled because she spurned O'Reilly's advances.
The news was discussed by Howard Kurtz, Fox's media analyst, during a segment on the network's 6 p.m. program "Special Report".
Built by Australian-born American media baron Rupert Murdoch two decades ago into the leading cable news channel, it has drawn praise from conservatives and vitriol from liberals.
By that time, the news had already generated considerable coverage on Fox's primary cable news competitors, CNN and MSNBC.
O'Reilly will be succeeded in the 8 p.m.
"The Five" will be replaced at 5 p.m. EDT by a one-hour program hosted by Eric Bolling, to debut May 1.
The allegations also saw dozens of advertisers fleeing the show, even though O'Reilly's viewership increased.
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By ratings standards, Bill O'Reilly is one of the most accomplished TV personalities in the history of cable news. The letter said, "His success, by any measure, is indisputable". The same sources say more women plan to come forward and other Fox anchors could soon follow O'Reilly and Ailes out the door.
Powers said she had learned to tolerate behavior like this.
She reported that in late 2007, O'Reilly told her in the makeup room that she should show more cleavage.
But a person familiar with the matter who was not authorized to discuss it confirmed that O'Reilly's status will be discussed at a previously scheduled board meeting of 21st Century Fox. At the end of the show, she paid him a warm tribute.
"Bill O'Reilly has been subjected to a brutal campaign of character assassination that is unprecedented in post-McCarthyist America", Marc Kasowitz said in a statement. As Schiller said about Kelly, "She felt, ultimately, that this culture is not something I want to be a part of". "I think he's still a hot commodity".
Representatives at Fox News and its parent Twenty-First Century Fox Inc were not immediately available for comment.
But O'Reilly's program showed that a single compelling host with a consistent approach could draw a loyal and large audience. In its first public statement since the news of the women's allegations broke, Henry Holt, O'Reilly's publisher, indicated it would continue to publish his books, which have been bestsellers.
Kurtz had filed a story on Fox's website earlier in the afternoon, but it didn't get mentioned on-air until he appeared Wednesday.