Fox News will drop Bill O'Reilly after more than two decades at the network, sources with knowledge of the television host's impending departure told New York Magazine, which broke the story.

The network's parent company 21st Century Fox confirmed the news in a statement Wednesday.

A new woman came forward Tuesday with allegations of sexual harassment against the Fox News host.

The announcement of O'Reilly's departure comes after multiple advertisers left his program, which drew an average of four million viewers per night in recent years.

O'Reilly has previously stated the accusations against him were without merit.