Keith Olbermann has been fired from Current TV one year after he joined the network.
The network says Olbermann was fired because he failed to honor the terms of his five-year contract.
However, the former MSNBC host is threatening legal action with the termination of his five-year, $50 million contract.
"Current was founded on the values of respect, openness, collegiality, and loyalty to our viewers," say founders Al Gore and Joel Hyatt in a statement. "Unfortunately these values are no longer reflected in our relationship with Keith Olbermann and we have ended it."
"We are moving ahead by honoring Current's values. Current has a fundamental obligation to deliver news programming with a progressive perspective that our viewers can count on being available daily -- especially now, during the presidential election campaign."
"We're very excited to announce that beginning tonight, former New York Governor Eliot Spitzer will host 'Viewpoint with Eliot Spitzer'... We are confident that our viewers will be able to count on Governor Spitzer to deliver critical information on a daily basis."
And "daily" is precisely what appears to have caused the rift between Current TV and Olbermann, which was apparently brewing for some time.
The network was furious after the host missed 19 out of 41 working days in January and February, then asked for additional vacation days.
"It goes almost without saying that the claims against me implied in Current's statement are untrue and will be proved so in the legal actions I will be filing against them presently," says Olbermann.
"For now, it is important only to again acknowledge that joining them was a sincere and well-intentioned gesture on my part, but in retrospect a foolish one. That lack of judgment is mine and mine alone, and I apologize again for it."
Keith Olbermann has been fired from Current TV one year after he 
