Bill O’Reilly may have lost his hit show on FOX News but he might have the last laugh – all the way to the bank. Due to contractual obligations, O’Reilly could walk away from the network with a payout as high as $25 million dollars.
The Hill reports:
Report: O’Reilly to get up to $25M in Fox payout
Bill O’Reilly is set to receive a payout of up to $25 million after parting ways with Fox News on Wednesday, according to a Thursday report in The New York Times.
That amount is equivalent to one year’s compensation in O’Reilly’s reported four-year, $100 million contract for “The O’Reilly Factor.”
The report notes that for 21st Century Fox, “payouts related to sexual harassment allegations at Fox News now total more than $85 million.”
“The vast majority of that — up to $65 million in exit packages — is being paid to the men who were ousted from the network because of the harassment allegations,” the Times adds.
Hot Air has more on this:
In essence, Fox had to put a value on privacy while getting O’Reilly out the door. Under these conditions, that value was always going to be eight figures, not less. They’d just prefer not to pay off the whole contract, and it sounds as though they avoided it. According to Sarah Ellison at Vanity Fair, sources put the severance figure at $40 million (the same as Roger Ailes’), which would be less than two year’s salary and less than half of the rumored value of the contract.
In the end, Bill O’Reilly will have a very comfortable retirement.