STEPHANIE RUHLE (HOST): Is this about generations within the Murdochs? Rupert Murdoch's sons, James and Lachan, the next generation, they have to think about the future of this company and this network and Fox has massive viewership, but viewership that needs to change and be more forward-thinking. Is this about moving with the generation? 

MICHAEL SCHMIDT: Well, the question for the Murdochs is where does the bottom line stop and where does the questions about the culture begin? If you're James Murdoch, you really think that you need to clean up the culture there. After Roger Ailes was fired last summer, they said that they were cleaning house. This was a new environment that they were creating and women would never really be disrespected in the workplace there. But since that's happened, they have cut two deals on behalf of Mr. O'Reilly and learned about a third that he had cut back in 2011. So the question inside Fox that a lot of people that we've spoke to have said is, well, has the culture really changed? What's different now than before Ailes left? And if Ailes left, why doesn't Mr. O'Reilly have to leave? Those are questions that the Murdochs would have to answer to their employees and the employees have expressed angst to us about. 

Previously:

Report: 21st Century Fox Board Of Directors Will Meet To Decide Bill O’Reilly’s Fate

Bill O’Reilly Once Called For Advertisers To Boycott Outlets That Called Out His Sexual Harassment

Bill O’Reilly Repeatedly Smeared Women Who Spoke Up About Sexual Harassment And Assault

The Year Fox News Flushed Roger Ailes And His Sexual Harassment Scandal Down The Memory Hole