Bill O'Reilly is out at Fox News

21st Century Fox issued a statement on Wednesday afternoon confirming that primetime host Bill O'Reilly won't be returning to to Fox News.

The statement came amid reports that Fox was preparing to cut ties with O'Reilly in light of a barrage of sexual harassment allegations.

"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," 21st Century Fox, the parent company of Fox News, said in a statement.

O'Reilly has spearheaded the networks' primetime lineup for over two decades. He's currently on vacation in Italy and is set to return April 24.

In an internal memo, News Corp CEO Rupert Murdoch and his sons Lachlan and James said that "after a thorough and careful review of allegations against him, the Company and Bill O'Reilly have agreed that Mr. O'Reilly will not return to the Fox News Channel."

"This decision follows an extensive review done in collaboration with outside counsel," the memo said.

The memo also praised O'Reilly's successes.

"By ratings standards, Bill O'Reilly is one of the most accomplished TV personalities in the history of cable news," the memo said. "In fact, his success by any measure is indisputable. Fox News has demonstrated again and again the strength of its talent bench. We have full confidence that the network will continue to be a powerhouse in cable news."

The memo closed by saying the Murdochs want to "underscore" their "consistent commitment to fostering a work environment built on the values of trust and respect."

The news of O'Reilly's departure comes on the heels of a mass advertiser exodus from his show's 8 p.m. ET time slot. Earlier this month, The New York Times published an investigation that found O'Reilly and Fox News had paid out $13 million to five women to settle sexual-harassment claims they had brought against him.

Multiple other women have accused O'Reilly of sexual harassment since. On Tuesday, an unnamed African-American woman claimed, through attorney Lisa Bloom, that O'Reilly leered at her and called her "hot chocolate" in 2008. Bloom is also representing Wendy Walsh, a former Fox News contributor who has alleged that O'Reilly reneged on an offer of employment after she rebuffed his advances and declined an invitation to his hotel suite in 2013.

Walsh and the latest unnamed accuser both reported their experiences to the Fox News hotline. 21st Century Fox announced it was opening an investigation into O'Reilly's conduct after Walsh phoned in her claim.

Sonam Sheth contributed to this report.