Glenn Beck

Glenn Beck will end his Fox News program, but will continue to develop new TV projects for the network and other platforms.

In a joint statement Wednesday, Beck, whose contract is up in December, and the network said he will "transition off" his daily show later this year.

Watch clips of Glenn Beck

"Glenn Beck is a powerful communicator, a creative entrepreneur and a true success by anybody's standards. I look forward to continuing to work with him," Roger Ailes, the chairman of Fox News, said in a statement. 

Added Beck: "I truly believe that America owes a lot to Roger Ailes and Fox News. I cannot repay Roger for the lessons I've learned and will continue to learn from him and I look forward to starting this new phase of our partnership."

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Although Beck's show is the third-highest-rated on cable news, its ratings have plummeted this year. He is also reported to have a tense relationship with Fox News, which, according to The New York Times last month, was "contemplating life without" Beck.