Keith Olbermann will not be renewing his contract to anchor his show Olbermann on ESPN2, a source confirmed to the Hollywood Reporter on Wednesday.
After rejoining ESPN in August 2013 following his first departure, Keith Olbermann's contract with the sports network will expire at the end of July.
Keith Olbermann reportedly rejected an offer by management to relocate his show in Bristol, ESPN's headquarters, or the studio in Los Angeles.
The show is currently produced out of Times Square, which is costly for the company.
Sources say that though ESPN executives were happy with the overall quality of Olbermann, the number of viewers was not where it was needed to be to continue to air the show.
It is estimated that not producing Keith Olbermann's show will save ESPN $40 million.
Reports by the Hollywood Reporter also claimed that ESPN wanted to put an end to commentary from Keith Olbermann on his show as a new condition.
ESPN released a statement wishing Keith Olbermann well in his future.
"Keith is a tremendous talent who has consistently done timely, entertaining and thought-provoking work since returning to ESPN. While the show's content was distinctive and extremely high quality, we ultimately made a business decision to move in another direction. We wish Keith nothing but the best and trust that his skill and ability will lead him to another promising endeavor."Keith Olbermann started as an anchor on SportsCenter during the 1990s, but then left ESPN to pursue opportunities at MSNBC and Fox Sports.
Many believed that he would not endure the entire length of his contract with ESPN once it was renewed, but he is expected to continue to make appearances on his show until the end date.
Speculation has already begun about the possibility of Keith Olbermann returning for a third time to MSNBC just in time to serve as an analyst for the 2016 presidential election.
He was a prime time anchor on the news network in the 2000s, and was well known for his criticism of the Bush administration and the war in Iraq.
Keith Olbermann left MSNBC to pursue what would be an unbeneficial contract with Current TV. He was let go just one year into a five-year contract worth $50 million.
He is well-known for being bold and outspoken, but those qualities have resulted in criticism and suspension in the past.
ESPN suspended Keith Olbermann after he was in the national spotlight for publishing a series of tweets insulting students and alumni of The Pennsylvania State University in February. In one of the tweets, he called fundraising efforts by the university for pediatric cancer "pitiful" and said that football was more of a priority.
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