Conan O'Brien and NBC have reached a $45-million deal for O'Brien to leave "The Tonight Show" after only seven months as host.
In a statement NBC says O'Brien will get more than $33 million in the deal and the rest will go to his staff.
"In the end, Conan was appreciative of the steps NBC made to take care of his staff and crew, and decided to supplement the severance they were getting out of his own pocket," O'Brien's manager tells The Wall Street Journal. "Now he just wants to get back on the air as quickly as possible.
O'Brien's final show will be this Friday with guests Tom Hanks, Will Ferrell (who was his first guest) and Neil Young. No word on where or when O'Brien will return to TV, but it's possible he could pop up on FOX or Comedy Central.
Jay Leno will retake the reins as the "Tonight Show" host beginning March 1.