Conan O'Brien Reaches Deal to Leave NBC

In the least surprising news of the week, Conan O'Brien is leaving NBC.

While signatures must still be affixed to the documents, numerous sources report the comedian will be paid $32.5 million to leave The Tonight Show and the struggling network. NBC will shell out approximately $8 million more in severance to Conan's staff members.

O'Brien - pictured above at a rally with fans yesterday - will not be allowed to host another show until September. Fox has subtly expressed interest in him, but has been barred from speaking publicly about it until the deal with NBC was worked out.

Also of note: NBC might keep its intellectual property rights to creations and characters such as Triumph the Insult Comic Dog and the Masturbating Bear. Will Conan survive at his next gig without these mainstays?

Meanwhile, Jay Leno finally addressed the controversy head-on last night. Check out the unfunny, uncreative way he explained his side in the clip below.

[video url="http://www.tvfanatic.com/videos/jays-take/" title="Jay's Take"] [/video]

Matt Richenthal is the Editor in Chief of TV Fanatic. Follow him on Twitter and on Google+.