Donna Ward / Getty Images file
The controversial news host has been at the fledgling cable channel for less than a year.
Eliot Spitzer will replace Olbermann starting Friday night, the network announced.
More from TheWrap.com: Rift between Olbermann, Current deepens
Olberman got into a contretemps with the network over his role during Republican primary election coverage last December. But the host has a history of butting heads with management and other bosses, starting with ESPN, including MSNBC and now with the leadership at Current.
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In a series of tweets, Olbermann said he would take legal action against the network.
He also apologized to viewers, but said he had to end his show after he was unable to resolve his differences with Current executives.
"I'd like to apologize to my viewers and my staff for the failure of Current TV. Editorially, Countdown had never been better," Olbermann tweeted.
"But for more than a year I have been imploring @AlGore and @JoelHyatt to resolve our issues internally," he added, saying that they had instead publicized their disputes.
In its move on Friday, Current was clearly fed up with its star newsman.
"Current was also founded on the values of respect, openness, collegiality, and loyalty to our viewers. Unfortunately these values are no longer reflected in our relationship with Keith Olbermann and we have ended it," the network wrote in a letter to viewers published on its website.
Back in early January, executives at Current TV said that relations – especially those with Current CEO Joel Hyatt – were at a breaking point after deteriorating over several months.
Olbermann declined to cover the Iowa caucus when he learned he would have to share the hosting chair with others.
According to an individual with knowledge of the situation, that dispute was part of a larger chain of errors by Olbermann, who was fired for a "serial, material breach of his contract" such as the failure to show up to work, sabotaging the network and attacking Current.
That individual said Olbermann missed 19 of 41 working days during January and February and asked for vacation the night before Super Tuesday, giving the network "strong legal foundation" for dismissing Olbermann. Olbermann's contract not only paid him a hefty sum, but gave him equity in the network.
He was Current's Chief News Officer.
Spitzer, the former governor of New York, has minimal broadcast experience, having previously hosted the low-rated CNN show "In The Arena."
His new program will be called “Viewpoint with Eliot Spitzer," with the former governor offering up his opinion of the day’s news and inviting guests to discuss, analyze and debate.
Here is the full memo from the Current website:
To the Viewers of Current:
We created Current to give voice to those Americans who refuse to rely on corporate-controlled media and are seeking an authentic progressive outlet. We are more committed to those goals today than ever before.
Current was also founded on the values of respect, openness, collegiality, and loyalty to our viewers. Unfortunately these values are no longer reflected in our relationship with Keith Olbermann and we have ended it.
We are moving ahead by honoring Current's values. Current has a fundamental obligation to deliver news programming with a progressive perspective that our viewers can count on being available daily -- especially now, during the presidential election campaign. Current exists because our audience desires the kind of perspective, insight and commentary that is not easily found elsewhere in this time of big media consolidation.
As we move toward this summer's political conventions and the general election in the fall, Current is making significant new additions to our broadcasts. We have just debuted six hours of new programming each weekday with Bill Press ("Full Court Press, at 6 am ET/3 am PT) and Stephanie Miller ("Talking Liberally," at 9 am ET/6 pm PT).
We’re very excited to announce that beginning tonight, former New York Governor Eliot Spitzer will host “Viewpoint with Eliot Spitzer,” at 8 pm ET/5 pm PT. Eliot is a veteran public servant and an astute observer of the issues of the day. He has important opinions and insights and he relishes the kind of constructive discourse that our viewers will appreciate this election year.
We are confident that our viewers will be able to count on Governor Spitzer to deliver critical information on a daily basis.
Sincerely,
Al Gore & Joel Hyatt
Current's Founders
Check back for updates to this breaking news story.
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