After months of speculation about Glenn Beck’s future at Fox News, the cable news channel today announced that the controversial host will exit his eponymous daily talk show later this year.

After the end of his high-profile gig as a daily talk show host, Beck will keep some presence at Fox News. Beck’s production company, Mercury Radio Arts has inked a deal to develop and produce several specials for the channel as well as content for other Fox News platforms. “Glenn Beck is a powerful communicator, a creative entrepreneur and a true success by anybody’s standards,” Roger Ailes, Chairman and CEO of Fox News said. “I look forward to continuing to work with him.”

As expected, Joel Cheatwood, SVP Development at Fox News, is leaving the channel to join Mercury Radio Arts  as EVP, effective April 24. He will serve as the company’s liaison with Fox News. Glenn Beck has posted the biggest declines among all cable news programs for the past several months, leading to speculation that Fox News may not renew Beck’s contract, which was up at the end of the year. Even with the rating drops, Glenn Beck continues to be the third highest rated program on cable news, but has been losing advertiser support while also alienating viewers both on the left and on the right. “I truly believe that America owes a lot to Roger Ailes and Fox News,” Beck said. “I cannot repay Roger for the lessons I’ve learned and will continue to learn from him and I look forward to starting this new phase of our partnership.”