Bill O'Reilly

Updated at 2:58 p.m. ET

The parent company of Fox News has paid approximately $10 million in settlements with 18 former employees, according to two sources with knowledge of the deal. The cases arose from intense scrutiny of Fox's workplace culture after it was convulsed by a sexual harassment scandal.

Updated at 6:15 p.m. ET

Fox News is parting ways with Bill O'Reilly, who for years stood as one of cable news' most popular hosts. The network's parent company, 21st Century Fox, announced the move in a statement Wednesday.

"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," the statement read.