Roger Ailes is out as CEO of Fox News and Fox Business Channel.
21st Century Fox has been investigating Ailes' conduct since a former Fox News show host sued him for sexual harassment.
The lawsuit filed by Gretchen Carlson claims she was forced out in June because she refused Ailes' sexual advances.
The 76-year-old is denying those charges, along with allegations he sexually harassed network star Megyn Kelly.
He is resigning after building, and running the networks for almost 20 years.
Rupert Murdoch, who is the executive chairman of 21st Century Fox is taking over as chairman, and acting CEO of the two networks—effectively immediately.
In a statement, his attorney says Ailes praises the accomplishments of women at the networks writing:
"I take particular pride in the role that I have played advancing the careers of the many women I have promoted to executive and on-air positions. Many of these talented journalists have deservedly become household names known for their intelligence and strength..."
So far, there's no word on who will be his permanent replacement.