Current TV boots Olbermann, hires Spitzer

Keith Olbermann was fired Friday by Current TV, a year and a month after joining the network, and replaced by former New York Gov. Eliot Spitzer.

In a statement to viewers posted on its website, the channel's founders, former Vice President Al Gore and Democratic Party fundraiser Joel Hyatt blamed Olbermann for the split.

"Current was also founded on the values of respect, openness, collegiality, and loyalty to our viewers. Unfortunately these values are no longer reflected in our relationship with Keith Olbermann and we have ended it," according to the statement.

Olbermann later released a statement threatening the founders with a lawsuit.

He said, in part, "Mr. Gore and Mr. Hyatt, instead of abiding by their promises and obligations and investing in a quality news program, finally thought it was more economical to try to get out of my contract. It goes almost without saying that the claims against me in Current's statement are untrue and will be proved so in the legal actions I will be filing against them presently."

Olbermann has cycled through several high-profile jobs that ended badly, most notably his rift with MSNBC that ended a 10-year on-again-off-again relationship with the network in January 2011.

The Current tenure was tempestuous as well, with Olbermann refusing to anchor during the network's coverage of the Iowa caucuses.

In his statement, Olbermann said that joining Current was "a sincere and well-intentioned gesture on my part, but in retrospect a foolish one."