Ann Curry Ann Curry

Ann Curry is finally cutting ties with NBC.

Curry is leaving NBC News nearly three years after she was forced out of the Today show co-anchor seat in June 2012, a senior NBC executive confirms to TVGuide.com.

Curry's decision to end her reported $12 million annual contract stems from the anchor feeling as though she has been severely underused, according to The New York Post, which first reported the news. "Ann has been unhappy for a long time because she's basically doing nothing, while NBC is unhappy that she has been paid a lot of money to do nothing," an insider said told the paper.

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Since her tearful exit from Today, Curry had worked as an anchor-at-large for Today and as a national and international correspondent/anchor for NBC News, delivering a handful of special reports across NBC Nightly News and Meet the Press.

So what's next? In addition to her continued work as a reporter, Curry is founding a new media startup backed by NBCUniversal. The reporting and content venture will center on hosting and creating content of national and international significance to distribute on multiple platforms. "This is about reaching for the edge of the future in journalism, which we know is undergoing an irrevocable transition. I am excited about working to become a valuable link between traditional media and what is to come," Curry said in a statement late Tuesday. "In today's world of fragmented media, this is the time to seize the opportunity to improve the way we distribute and even tell stories. I want to expand my drive to give voice to the voiceless to emerging platforms and produce both scripted and non-scripted content, in addition to continuing to report on-air about stories that matter."

Added NBCUniversal News Group's Chairman Pat Fili-Krushel: "We're proud to support Ann in her new venture, and we look forward to more of her exceptional storytelling," said Pat Fili-Krushel, Chairman, NBCUniversal News Group. "She is committed to uncovering critical issues, humanizing them, and ultimately helping viewers understand and connect."