Bill O'Reilly

Host Bill O'Reilly of "The O'Reilly Factor" program, on the Fox News Channel, poses for photos, in New York, Thursday, Oct. 1, 2015.

(Richard Drew | AP)

Bill O'Reilly is officially out at Fox News Channel, the network announced 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 company said in a statement.

"The O'Reilly Factor" host, 67, announced last week he was taking a vacation amid reports the network paid $13 million to keep five women quiet about sexual harassment allegations against its top-rated personality. Another woman, attorney Lisa Bloom, came forward Tuesday to accuse O'Reilly of making sexual and racially charged comments while she worked for Fox News in 2008.

More than 60 advertisers dropped sponsorship of "The O'Reilly Factor," prompting speculation that the top-rated cable news personality's vacation would become permanent.

NY Magazine reported executives were holding emergency meetings Wednesday and the board of Fox News' parent company, 21st Century Fox, was scheduled to meet on Thursday. It's unclear whether O'Reilly will receive payment for his exit; his contract is reported at $20 million a yeare and the Murdochs paid $40 million last summer when Roger Ailes exited amid sexual harassment allegations.

Who will replace O'Reilly? The network already lost its second-most popular personality when Syracuse native Megyn Kelly turned down a $100 million offer and left for a job with NBC News, expected to begin this summer.

The former "The Kelly File" host was replaced quickly in January with Tucker Carlson, but O'Reilly has been with Fox News longer -- since 1996.

NPR reports Carlson will move into O'Reilly's slot at 8 p.m. ET.

Fox News says "The Five" will shift to primetime, taking over Kelly's old spot at 9 p.m. ET starting Monday.

Eric Bolling will host a new one-hour program at 5 p.m. ET starting May 1. For next week, "Special Report with Bret Baier" will fill the 5-7 p.m. slot.

"The Story with Martha MacCallum" will debut Monday, May 1, at 7 p.m. ET, and Sean Hannity's eponymous show will continue at 10 p.m.