UPDATE, 2:45 PM: Olbermann’s fighting back: “Keith’s termination is baseless,” his lawyer Patricia Glaser says. “We will sue them for their improper conduct. They made a bad decision. They can expect a bad result.” And here’s Olbermann’s statement, an apology to viewers for joining Current which he says was a “sincere and well-intentioned gesture on my part, but in retrospect a foolish one”:

I’d like to apologize to my viewers and my staff for the failure of Current TV.

Editorially, Countdown had never been better. But for more than a year I have been imploring Al Gore and Joel Hyatt to resolve our issues internally, while I’ve been not publicizing my complaints, and keeping the show alive for the sake of its loyal viewers and even more loyal staff.  Nevertheless, Mr. Gore and Mr. Hyatt, instead of abiding by their promises and obligations and investing in a quality news program, finally thought it was more economical to try to get out of my contract.

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.  To understand Mr. Hyatt’s “values of respect, openness, collegiality and loyalty,” I encourage you to read of a previous occasion Mr. Hyatt found himself in court for having unjustly fired an employee.  That employee’s name was Clarence B. Cain.

In due course, the truth of the ethics of Mr. Gore and Mr. Hyatt will come out. 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.

PREVIOUS: 2:14 PM: The fledgling news network released a statement saying that former New York Gov. Eliot Spitzer will fill Olbermann’s time slot beginning tonight. His show is called Viewpoint With Eliot Spitzer. The message about Olbermann says that “Current was … 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.”  His lawyer Patricia Glaser has a lot of experience with messy breakups between TV stars and networks. Glaser not only negotiated for Olbermann when he left MSNBC, she helped Conan O’Brien win a $45M settlement for himself and his staff in 2010 when NBC replaced him on The Tonight Show. Frictions between Olbermann and Current have been apparent for months: In January Current preempted Olbermann’s show to cover the Republican caucuses in Iowa with Al Gore, Jennifer Granholm, and Cenk Uygur. That was a big deal for Olbermann, who refused to join the panel. He believed that his contract with the network gave him control over the 8 PM hour-long time slot, not simply Countdown With Keith Olbermann.

Here’s the statement. Developing…

To the Viewers of Current:

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.

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. Current exists because our audience desires the kind of perspective, insight and commentary that is not easily found elsewhere in this time of big media consolidation.

As we move toward this summer’s political conventions and the general election in the fall, Current is making significant new additions to our broadcasts. We have just debuted six hours of new programming each weekday with Bill Press (“Full Court Press, at 6 am ET/3 am PT) and Stephanie Miller (“Talking Liberally,” at 9 am ET/6 pm PT).

We’re very excited to announce that beginning tonight, former New York Governor Eliot Spitzer will host “Viewpoint with Eliot Spitzer,” at 8 pm ET/5 pm PT. Eliot is a veteran public servant and an astute observer of the issues of the day. He has important opinions and insights and he relishes the kind of constructive discourse that our viewers will appreciate this election year. We are confident that our viewers will be able to count on Governor Spitzer to deliver critical information on a daily basis.

All of these additions to Current’s lineup are aimed at achieving one simple goal — thegoal that has always been central to Current’s mission: To tell stories no one else will tell, to speak truth to power, and to influence the conversation of democracy on behalf of those whose voice is too seldom heard. We, and everyone at Current, want to thank our viewers for their continued steadfast support.

Sincerely,

Al Gore & Joel Hyatt
Current’s Founders