There a couple business related factors that had nothing to do with advertising. 10 years ago if the rating was still crazy high (which they still have been even after the allegations) they would of waited it out knowing that people attention spans are small and the advertisers would come back because business is business.
The difference now is
1. Fox is trying to buy Sky tv and the British regulators suppose to make there decision in the near future. Allegations of a culture of sexual harassment have been a factor in there decision. Bill O'Reilly might of made Fox a lot of money but not enough for them to risk a billion dollar deal on
2. Rupert Murdoch is still in charge but his children is growing in influence and they care more about the image of company in this regard then there father by all reports.
Fox also even though I not sure firing Bill O'Reilly will help in this regard could be facing some real legal issues. Fox is a public traded companies so they have a legal duty to not mislead share holders. They reported the 13 millions they paid out on behalf of Bill O'Reilly to settle law suits against him as compensation to the share holders instead of a settlement. That could very well be found in court to be misleading the share holders.
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