Current TV announced Friday afternoon that it has terminated the contract of Keith Olbermann, who was hired around a year ago in order to boost the channel’s ratings.

The New York Times obtained an excerpt from the letter written to Current viewers:

In a letter to viewers, the channel said Friday, “We created Current to give voice to those Americans who refuse to rely on corporate-controlled media and are seeking an authentic progressive outlet.  We are more committed to those goals today than ever before. Current was also founded on the values of respect, openness, collegiality, and loyalty to our viewers.   Unfortunately these values are no longer reflected in our relationship with Keith Olbermann and we have ended it.”

The show will be replaced by ‘Viewpoint’ with Eliot Spitzer, and it will begin tonight.

From Talking Points Memo:

According to a source familiar with the situation, Current decided to let Olbermann go because the progressive pundit “did not respect the viewers of Current.” The basis of his firing included, according to the source: “sabotaging the network” and attacking Current and its executives.”

“At the end of the day, Current made a decision, based on a strong legal foundation, that goes beyond merely business considerations – this decision was made because Olbermann was in breach of his contract and his conduct was simply not consistent with either mission of or the values of the company,” the source said.

Imagine, Olbermann is apparently not consistent with the values of the company, but Spitzer is.!/robertdsheridan/status/185838321677762560!/indecision/status/185837658336010240!/brandythief/status/185838569062019072!/RealMattKane/status/185838759227559936

So now that Olbermann has been employed and failed at several far-left networks, it’s time to find him a new career.!/RememberComeNov/status/185839654937964544!/daalad/status/185840359962705920!/ExJon/statuses/185843773060812801!/Stefan_MK1/status/185839537434537984!/Le_Gaul/status/185846039746588673!/debbieebb/status/185840375099961345!/plstepp/status/185838167872651264!/anthropocon/status/185839576898736128

Olbermann has decided to give his side of the story, as he put it, ‘140 characters at a time.’ Here it goes:!/KeithOlbermann/status/185842406984388610!/KeithOlbermann/status/185842602552201216!/KeithOlbermann/status/185842766578851840!/KeithOlbermann/status/185842881246928896!/KeithOlbermann/status/185843041377058817!/KeithOlbermann/status/185843113611366400!/KeithOlbermann/status/185843447054352387!/KeithOlbermann/status/185843570828263424!/KeithOlbermann/status/185843832859017217!/KeithOlbermann/status/185843921270751232!/KeithOlbermann/status/185843988832591872

Is everyone clear now? Didn’t think so.