Fox News has reached a US$20 million ($27 million) settlement with Gretchen Carlson.
The former anchor filed a lawsuit in July claiming she was forced out after rebuffing unwanted sexual advances from Roger Ailes, the network's former chairman.
Ailes, who resigned after Carlson's claims were followed by allegations of sexual harassment from several other women, is expected to make a public apology as part of the arrangement, according to Vanity Fair.
It is unclear how much of the $27 million will come from Ailes personally.
The Republican strategist turned TV news titan was himself paid a reported US$40 million as part of his exit agreement with the network he founded in 1996.
Ailes is now advising the campaign of Republican presidential nominee Donald Trump.
Carlson dropped her lawsuit against Ailes, allowing for the out of court settlement.
She released a statement saying she was "gratified" by the network's actions after she filed the lawsuit.
"I am ready to move on to the next chapter of my life in which I will redouble my efforts to empower women in the workplace," she said, thanking everyone who had supported her.
Fox News apologised to Carlson in a press release announcing the settlement.
"During her tenure Gretchen exhibited the highest standards of journalism and professionalism," the network said in a statement.
"We sincerely regret and apologise for the fact that Gretchen was not treated with the respect and dignity that she and all of our colleagues deserve."
In what appeared to be a further re-shuffling within the network Greta Van Susteren, the long-time host of the evening show On the Record is leaving after 14 years.
Van Susteren publicly supported Ailes after Carlson's initial accusations.