"After careful consideration, Warner Bros. Television has terminated Charlie Sheen's services on 'Two and a Half Men' effective immediately," the company said in a statement.
Whether the show will continue without him was not immediately clear.
Sheen told TMZ.com he thinks his firing is "very good news."
"They continue to be in breach, like so many whales," the actor said in a statement. "It is a big day of gladness at the Sober Valley Lodge because now I can take all of the bazillions, never have to look at (expletive) again and I never have to put on those silly shirts for as long as this warlock exists in the terrestrial dimension."
HDNet Chairman Mark Cuban said Sunday he and the troubled actor intend to work together in the near future.
"It could be a talk show or a reality show," The Hollywood Reporter said Cuban told ESPNDallas.com Sunday.
"We're trying to decide. Right now, we're taping a lot of different things that he's doing and we'll try to figure it out. It's still not 100 percent certain," Cuban said. "We'll do something together, but it's not certain it will be a show. It'll come down to what he wants do and what his situation is. We'll just figure it out from there, but it's a unique opportunity, I'll say that. ... You've got somebody that everybody has a whole lot of interest in who's doing some interesting things, to say the least, and we always look for interesting programming by featuring interesting people doing interesting things. I reached out and we've had some conversations, and we're going to work on doing some things."
Sheen has been battling an addiction to drugs for some time and has given numerous bizarre interviews in the past few weeks, during which he ranted about his bosses at the sitcom "Two and a Half Men," his family and various ex-girlfriends, as well as joked about his substance abuse and bragged about his own importance.
His erratic behavior prompted the producers of his show to cancel the rest of this season. His longtime publicist also quit, while his estranged wife, Brooke Mueller, requested a restraining order against him and his children were removed by police from his home.