Martha MacCallum, who has been hosting a seasonal special called The First 100 Days, is expected to continue at 7 p.m.
On Wednesday night Dana Perino hosted the 8 p.m. hour on Fox, which was stripped of all O'Reilly branding. But that is the unfortunate reality many of us in the public eye must live with today.
Fox News is parting ways with Bill O'Reilly, who for years stood as one of cable news' most popular hosts.
"With reports that dozens of additional women at the network have not yet come forward with allegations of sexual harassment, the next scandal for [Fox News] may just be months away", Thomas concluded in the UltraViolet statement.
O'Reilly was scheduled to return to the show Monday after a vacation.
Carlson's current 9 p.m. slot will be filled by the panel talk show "The Five", which will be replaced at 5 p.m. with a new show hosted by Eric Bolling, now a co-host of "The Five" and a frequent fill-in host on "The Factor". At the time, O'Reilly said he planned to return to the program on April 24. Highlights included 20 years of O'Reilly's rants about the "war on Christmas" and the "war on white Christian men", and, of course, the TV host's belligerent racism that was often directed at black men.
21st Century Fox now owns 39.1% of Sky plc, the owner of Sky News, and is attempting to purchase the remainder of the company.
In a memo to Fox staff on Wednesday, the Murdochs said the decision followed an extensive review done in collaboration with an outside counsel.
Mr O'Reilly has been enmeshed in controversy since the start of this month after The New York Times reported five women were paid about $US13 million ($A17 million) in exchange for agreeing not to pursue litigation or speak about accusations of sexual harrassment.
O'Reilly's departure comes less than a year after Fox News chairman Roger Ailes resigned following allegations of sexual harassment of female colleagues.
After news of the settlements broke, The O'Reilly Factor lost more than half of its advertisers within a week, according to The Times.
Fox News addressed O'Reilly's departure on Wednesday night, as the show that used to bear his name debuted as simply The Factor. O'Reilly has denied wrongdoing.
Attorney Lisa Bloom, who represented three of O'Reilly's accusers, claimed victory: "This is what happens when women speak our truth: We can slay dragons".
It is not known exactly how Fox News would handle O'Reilly's exit or whether he would be allowed to say goodbye to viewers on the air, according to the NY magazine report.