"Chris Harrison is stepping aside as host of The Bachelor franchise. We are thankful for his many contributions over the past 20 years and wish him all the best on his new journey," the statement reads, according to People.
Chris, 49, also took to Instagram on Tuesday and issued a brief statement of his own after hosting The Bachelor franchise since its premiere in 2002.
"I've had a truly incredible run as host of The Bachelor franchise and now I'm excited to start a new chapter," Chris wrote.
"I'm so grateful to Bachelor Nation for all of the memories we've made together. While my two-decade journey is wrapping up, the friendships I've made will last a lifetime."
"It will never be the same," lamented The Bachelor alum Ashley Iaconetti. "Truly the end of an era. Thank you for all the years of hard work and love you put into the show. I have a lump in my throat writing this. Can't wait to see your next move. I love you."
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The Bachelor's Season 13 star Jason Mesnick commented, "Congrats on the run buddy. The general public doesn't have any idea how much you helped us cast members deal with the behind the scenes of the TV world. Looking forward to seeing you soon."
The Bachelorette's Season 14 star Becca Kufrin commented, "Wishing you the best in your next chapters, Chris. So much love."
Season 11 The Bachelorette star Kaitlyn Bristowe wrote, "You are truly irreplaceable as a host, thank you for all the years you put into this show and making it what it is. No one does it quite like Mr. Chris Harrison."
AndThe Bachelor alum Michelle Money took a strong stance and wrote on Chris' Instagram, "You are incredible Harrison. What a loss for the show. Many people won't be watching anymore. Myself included."
"One thing I know is that you will rise above all of this! Can't wait to see what is next for you! I am proud to call you my friend," Michelle concluded.
Deadline reported earlier on Tuesday Chris had agreed to walk away from the franchise after reaching a mid-range eight-figure settlement with ABC.
Chris' deal was reportedly finalized, with loose ends tied, on Tuesday morning.
Los Angeles-based, high-profile entertainment litigator Bryan J. Freedman spearheaded Chris' objective and allegedly threatened a heavy lawsuit and to expose The Bachelor franchise's well-kept secrets over the last 20 years unless Chris was satisfactorily compensated.
As The New York Post previously reported in March, Chris was "ready to tell the truth about how things really work" behind the scenes in The Bachelor franchise and had "plenty of evidence" to back up his revelations.
"Chris has had a spotless record for 20 years... He has always been the good company man, but, after the way he's been treated by producers and executives over the past couple of weeks, he's run out of cheeks to turn," a Chris friend told Page Six at the time.
Chris agreed to remain tight lipped and not air The Bachelor's dirty laundry once he was offered the big settlement, according to Deadline.
In the Extra interview, Chris had defendedThe Bachelor Season 25 contestant Rachael Kirkconnell's racially-ignorant and racially-insensitive actions in the last several years and adopted a dismissive attitude towards photos of Rachael that resurfaced from an antebellum-plantation themed "Old South" fraternity party at Georgia College & State University in 2018.
Chris had called for "grace" and "compassion" for Rachael and also criticized the "woke police" and the "unbelievably alarming" response of anger and frustration to the young woman's actions.
Chris subsequently issued three apologies for his offense, two on Instagram and one verbal apology during a March appearance on Good Morning America.
"I am an imperfect man, I made a mistake and I own that. I believe that mistake doesn't reflect who I am or what I stand for," Chris said during the March 4 episode of GMA.
Chris admitted he was "saddened and shocked" at how "insensitive" he behaved in that interview with Rachel. He expressed his deepest apologies and said he didn't speak from the heart and stands against "all forms of racism."
"I am committed to progress, not just for myself, also for the franchise. And this is a franchise that has been a part of my life for the better part of 20 years and I love it. I plan to be back and I want to be back."
Since the start of Chris' scandal, Bachelor Nation has seemed conflicted over whether his reinstatement would send the right message considering viewers have been pleading for more diversity and racial equality in the franchise for years.
Many The Bachelor viewers had claimed they are boycotting the show over Chris' absence since he has been the face of the franchise for nearly two decades while other viewers believe Chris' departure is a step in the right direction as the franchise attempts to change for the better.