ESPN announced Wednesday that Keith Olbermann will depart the network at the end of August after failing to come together on a contract renewal with the anchor.

"Keith is a tremendous talent who has consistently done timely, entertaining and thought-provoking work since returning to ESPN," said ESPN in a statement. "While the show's content was distinctive and extremely high quality, we ultimately made a business decision to move in another direction. We wish Keith nothing but the best and trust that his skill and ability will lead him to another promising endeavor."

Olbermann received a one-week suspension from the network in February after a Twitter feud with Penn State.

He was previously an anchor on the network's flagship program, Sportscenter, and later went on to host programs on MSNBC and Current TV.