HuffingtonPost: The news of Olbermann's termination was first reported by the New York Times' Brian Stelter. A source told Politico that Olbermann was fired for breach of contract, saying that he had "sabotaged" the network. Howard Kurtz reported that Olbermann had begun refusing to toss to other peoples' shows or appear in advertisements with them.
Here's the pieced together tweets from Olbermann explaining the situation:
I'd like to apologize to my viewers and my staff for the failure of Current TV. Editorially, Countdown had never been better. But for more than a year I have been imploring Al Gore and Joel Hyatt to resolve our issues internally, while I've been not publicizing my complaints, and keeping the show alive for the sake of its loyal viewers and even more loyal staff. Nevertheless, 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. To understand Mr. Hyatt’s “values of respect, openness, collegiality and loyalty,” I encourage you to read of a previous occasion Mr. Hyatt found himself in court for having unjustly fired an employee. That employee’s name was Clarence B. Cain. In due course, the truth of the ethics of Mr. Gore and Mr. Hyatt will come out. For now, it is important only to again acknowledge that joining them was a sincere and well-intentioned gesture on my part, but in retrospect a foolish one. That lack of judgment is mine and mine alone, and I apologize again for it.
Olbermann's lawyer, Patricia Glaser, told Deadline he would be suing. "[Current] can expect a bad a result," she said.