New York - Roger Ailes, who built Fox News into a money-making ratings powerhouse, has resigned as chairman and chief executive of the popular cable channel following allegations of sexual harassment, according to the company.

The media executive and Twenty-First Century Fox Inc, the parent of Fox News, had been in negotiations over his departure, a person briefed on the discussions said on Tuesday.

Rupert Murdoch, executive chairman of Twenty-First Century Fox, will assume the role of chairman and acting CEO of Fox News Channel and Fox Business Network, the company said.

The exit marks a swift downfall for Ailes, the 76-year-old media executive who advised several U.S. Republican presidents, including George H.W. Bush, and turned Fox News into the most-watched U.S. cable news channel.

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