Former Fox News contributor Palin reacts to O'Reilly's exit

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"After a thorough and careful review of the allegations against him, the Company and Bill O'Reilly have agreed that Mr. O'Reilly will not return to the Fox News Channel", Rupert, James and Lachlan wrote in a letter addressed to their employees.

O'Reilly's alleged predatory behavior toward women has been ongoing for many years, but what put the wheels in motion for his ousting was an April 1st article from the New York Times. When he broke off from The Daily Show to star in his own spin-off, he used The O'Reilly Factor as inspiration, parodying the popular conservative host to great effect.

Bill O'Reilly will walk away from Fox News with a maximum of one-year's salary as compensation, a person close to the situation told TheWrap.

Last summer, Roger E. Ailes, the chairman of Fox News, left the network with an exit package worth $40 million after several women made sexual harassment allegations against him. Ailes was said to make around $20 million per year.

"As a strong woman, I say we should feel more empowered than that and we should take a stand and get out of the place or you know, blow the whistle on whoever is the perpetrator doing the bad stuff so that the culture will change", Palin continued.

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Earlier this year, the network extended O'Reilly's contract by four years. Posters of the former host plastered outside Fox News' Midtown Manhattan headquarters were removed Thursday morning. "You have also been loyal, and we can't tell you how much that means to everyone on 'The Factor", the former White House press secretary said.

Rich Gibbons, 63 of New Jersey, said he is skeptical of the allegations against O'Reilly and puzzled by his departure, as well of Fox News' handling of it.

"It was embarrassing, so I just got to a point where I was not looking at him", she said.

"I'll tell you, when I was a thug coming up, I mean, I would say nearly anything around women", he said.