Bill O’Reilly will be paid tens of millions of dollars on his way out of Fox News, two well-placed sources told CNNMoney.
“It is a staggering amount,” said a source personally involved in the exit maneuverings.
After this story was originally published Thursday morning, a third source said the payout totals $25 million. .
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 the sources confirmed that O’Reilly does have a parachute, partly because O’Reilly signed a new contract right before being ousted.
The two original sources, who spoke independently of one another, said the new contract was worth about $25 million per year.
(Previous news reports have pegged O’Reilly’s past contract at $18 to $20 million a year.)
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