Sources: Fox News payout to Bill O'Reilly will be tens of millions of dollarsCNN, Apr 20, 2017, Brian Stelter
Bill O'Reilly will be paid tens of millions of dollars on his way out of Fox News.
"It is a staggering amount," said a source personally involved in the exit maneuverings.
21st Century Fox and O'Reilly's representatives will not acknowledge the existence of a payout. A confidentiality agreement limits what the two sides can say.
But two well-placed sources confirmed to CNNMoney that O'Reilly does have a parachute. That's because O'Reilly signed a new contract right before being ousted.
The two sources, who spoke independently of one another, said the new contract was worth about $25 million per year.
O'Reilly commanded a higher sum for obvious reasons: he dominated the ratings and helped Fox News deliver record profits for its parent company.
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.
However, O'Reilly will not be paid the entire amount he was owed, one of the sources said.
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http://money.cnn.com/2017/04/20/media/bill-oreilly-millions-payout/index.html