Glenn Back and Fox News are parting company.

In a joint statement, the Fox network and Glenn Beck’s production company, Mercury Radio Arts, said they will work together to “develop and produce a variety of television projects for air on the FOX News Channel (FNC) as well as content for other platforms.”

“Glenn Beck is a powerful communicator, a creative entrepreneur and a true success by anybody’s standards,” said Roger Ailes, Chairman and CEO of Fox News.

“I look forward to continuing to work with him.”

Beck praised Ailes and the network.

“I truly believe that America owes a lot to Roger Ailes and Fox News,” Beck said in a statement.

“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.”

Media observers are speculating that Beck was actually fired due to slipping ratings. According to reports, Beck’s ratings have plunged 40 percent this year and some advertisers have boycotted his program.

Huffington Post noted that a split between beck and Fox was long rumored. Last month, The New York Times reported that Fox was contemplating life without Beck.