The announcement followed growing reports that the corporation headed by Rupert Murdoch meant to sack the veteran host and just hours after the right-wing television personality was photographed shaking hands with Pope Francis in Rome.
The "Late Show" host, who largely based his "Colbert Report" conservative pundit persona on the former Fox News anchor, kicked off Wednesday's show by devoting much of his opening monologue to the news of O'Reilly's ouster from Fox News amid sexual harassment allegations.
"Over the past 20 years at Fox News, I have been extremely proud to launch and lead one of the most successful news programs in history, which has consistently informed and entertained millions of Americans and significantly contributed to building Fox into the dominant news network in television".
President Donald Trump, an avid Fox News watcher, had leapt to O'Reilly's defense following the New York Times report, calling him "a good person".
"O'Reilly's fate at the network is expected to be discussed on Thursday at a board meeting for Fox News's parent company, 21st Century Fox".
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Following the Times story, 21st Century Fox said it had asked the same law firm that investigated Ailes to look into O'Reilly's behavior.
"This decision follows an extensive review done in collaboration with outside counsel".
Fellow Fox News commentator Tucker Carlson will replace O'Reilly in the 8 p.m. EST prime-time slot beginning Monday. We have full confidence that the network will continue to be a powerhouse in cable news.
He is an incredibly talented broadcaster who raised the bar for interviewers everywhere. Fans loved his willingness to talk back to power or point out hypocrisy among liberal politicians or media members.
His show generated $178 million in advertising revenue in 2015, according to Kantar Media.
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Applicants will not be allowed to fail the citizenship test more than three times. Don't you dare fail the third time in the citizenship test .
This update comes only a week after O'Reilly announced he would be going on "vacation." Even though at least one of the harassment cases against him dated back more than a decade and was widely reported then, the accumulation of cases outlined in the Times damaged him much more extensively. "All he ever did was have your back, and if you're a woman, you know, have a go at the front too".
"I hope he seeks some help", she added.
O'Reilly's attorney, Marc Kasowitz, charged that his client was being subjected to a "brutal campaign of character assassination" and that there is a smear campaign orchestrated by far-left organizations bent on destroying O'Reilly for political and financial reasons.
"Hello, Nation, and shame on you".
The "Late Show" host then admitted that he actually owed a lot to O'Reilly.
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