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Fox News payout to O'Reilly will be tens of millions of dollars

ANI  |  New York [U.S.A.] 

Bill O'Reilly will be paid tens of millions of dollars on his way out of Fox News, two well-placed sources told CNN.

A third source said the payout totals $25 million.

Fox and O'Reilly's representatives will not acknowledge the existence of a payout. A confidentiality agreement limits what the two sides can say.

The two sources also said the contract extended through the next presidential election, meaning it was set to expire either at the end of 2020 or sometime in 2021.

O'Reilly, however, will not be paid the entire amount he was owed. That's because Fox incorporated language in the new contract that gave the network some "outs."

Fox is only on the hook for one years' salary, according to one of the sources. That's why the payout totals $25 million.

Roger Ailes, on the other hand, was paid the entire remainder of his contract when he resigned under pressure last summer. Ailes, the founding CEO of Fox News, was accused of harassment by Fox employees.

Ailes was paid more than $40 million on the way out.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, April 21 2017. 06:13 IST