In a cutting statement explaining the firing of the controversial host, Current co-founders Al Gore and Joel Hyatt said their “values of respect, openness, collegiality and loyalty” to their viewers was not shared by Olbermann, who they had contracted for five years and $50 million.
Emails among the parties had Olbermann complaining about production "deficiencies," and technical problems he insisted were the cause of his "low ratings."
On the flip side, management claimed that the former MSNBC host did not fulfill his duties with press and marketing events and missed 19 days of work in January and February.
Olbermann plans to sue and says he was fired only because Gore and Hyatt "thought it was more economical to try to get out of my contract" than to fix things.
He is scheduled to appear on Late Night with David Letterman on Tuesday, and has already been replaced on Current by disgraced former New York governor Eliot Spitzer.