Fox News host Neil Cavuto is leaving the conservative cable giant after 28 years with the network, Fox News confirmed Thursday.

Cavuto will bid viewers a final farewell during the broadcast of his Fox News show Thursday afternoon Your world.

“Neil Cavuto’s illustrious career has been a masterclass in journalism and we are extremely proud of his incredible 28 years at FOX News Media,” Fox News said in a statement. “His programs have defined business news and set the standard for the entire industry. We wish him a warm farewell and all the best for his next chapter.”

A network source told The Independent that Cavuto’s departure comes after he rejected a new contract that was described as generous. As is the case in the changing landscape of cable and broadcast news, the 66-year-old anchor took a pay cut in Cavuto’s new contract.

Mediaite was the first to report Cavuro’s departure from Fox News.

Along with primetime star Sean Hannity, Cavuto was one of the few remaining on-air personalities affiliated with the right-wing network since its founding in 1996. Over the years, he had developed a reputation for staying true to Fox News’ original mantra of “fair and balanced,” which led to him regularly denouncing Republicans and conservatives almost as often as liberals and Democrats.

His willingness to criticize the right had long made him a target of Donald Trump, who frequently complained about Cavuto’s reluctance to accept the new president’s opinions and falsehoods. But despite Trump’s social media tirades and calls for Fox News to fire him, Cavuto continued to add a dash of Trump skepticism to Fox News’ increasingly pro-MAGA tone.

While on the surface it may seem that Cavuto’s more anti-Trump stance doomed him to Fox News, a source at the network noted that his criticism of the president-elect had nothing to do with his departure. And sure enough, he was offered a new contract that would have kept him on the air, but he turned it down.

Additionally, the source said, Trump has been complaining about Cavuto’s comment for nearly a decade. If this were a problem it would have been fixed a long time ago. Furthermore, the source added, negotiations for a new deal were already in the works before the election.

Instead, this is all part and parcel of the austerity and cuts that have taken place across the TV news landscape due to declining advertising revenue and cable cuts. Although Fox News is better positioned than many of its competitors due to its rising ratings and digital strategy, the network is still not immune to talent cuts, particularly among veteran on-air personalities who have become accustomed to yesterday’s inflated salaries.

Ultimately, it was Cavuto’s decision to leave the station, the source said.

In addition to Cavuto, several other well-known anchors and commentators have recently taken significant pay cuts or announced they are stepping down rather than accepting a smaller contract.

Hoda Kotb announced this fall that she was leaving NBC Today show after 26 years after network executives tried to cut her $20 million annual salary. Cavuto’s former Fox News colleague Chris Wallace said he left CNN last month to do podcasts. However, it was later revealed that the real reason for his departure was because the 77-year-old’s $7 million annual salary was significantly reduced and his show was canceled. MSNBC’s Rachel Maddow recently signed a contract extension that will now see her earn $5 million less per year.

Throughout his time at Fox, where he hosted both Your world and the Fox Business Show in the afternoon Cavuto: Coast to CoastCavuto has also dealt with several health challenges. The presenter, who suffered from multiple sclerosis for years, almost died in 2022 after a bout with COVID-19 and credited the vaccine with saving his life. His advocacy for COVID-19 vaccinations stood in stark contrast to many of his colleagues who parroted increasing vaccine hesitancy among conservatives.

According to the channel’s source, Fox will announce new programs after the new year. Currently, Your world is anchored by a series of rotating hosts and Cavuto: Coast to Coast is renamed Fox Business Livealso with a rotation of different hosts.