If Current TV misses the audience benchmark in two consecutive quarters, another clause is triggered that would allow Time Warner Cable to drop the channel. The condition was built into the most recent distribution pact between the two parties, which was signed in 2010.

"Time Warner Cable has been flirting with the idea of pulling Current off its systems for some time now," said one of the sources, who all spoke on condition of anonymity.

To make the egg on Current's face even tastier for Mr. Olbermann, an anonymous source informed Reuters that if not for Olbermann's now-defunct Countdown, "Current TV likely would have missed Time Warner Cable's viewership benchmark."

Mr. Olbermann, who regularly drew more than a million eyeballs a night in his prime slot at MSNBC, was averaging just 177,000 viewers a night on Current TV.

According to Reuters, Current is distributed to 60 million cable subscribers nationwide.

It was an unexpected announcement that ABC suggests had nothing to do the recent Comcast takeover of NBC, while The Times notes that Olbermann is getting the Conan treatment and will not be back on the air for "an extended period of time."

Mr. O'Donnell has worked for the network since it launched 14 years ago, but never as the host of his own show. He also has an emmy for his work as a writer and producer for The West Wing.

Rachel Maddow also began as a Countdown guest host, notes Steve Krakauer.

Here's the release:

NEW YORK - June 15, 2010 - Lawrence O'Donnell will host a new weeknight primetime hour on MSNBC.  O'Donnell will begin work full-time with the network immediately to begin planning for a new 10 p.m. ET show.  The announcement was made by Phil Griffin, President of MSNBC. 

"Lawrence O'Donnell is an incredible talent, who our audience has gotten to know throughout the years, most recently as Keith Olbermann's principal guest host on 'Countdown.'  It's great to have another anchor of his caliber on the network," said Griffin.  "This makes us a bigger and better network."

"I've had a part-time job at MSNBC for 14 years," said O'Donnell.  "Now that the network and I have gotten to know each other, I'm thrilled to be going full time."

O'Donnell has been a MSNBC Political Analyst since the network's launch in 1996, and has served as the regular guest host for "Countdown with Keith Olbermann."  He has also been the guest host for "Hardball with Chris Matthews," "The Ed Show" and "The Rachel Maddow Show."

O'Donnell was an Emmy Award-winning producer and writer for the NBC series "The West Wing" and creator and executive producer of the NBC series, "Mister Sterling."

From 1989 through 1992, O'Donnell served as Senior Advisor to Sen. Daniel Patrick Moynihan. In 1992, he was Chief of Staff to the Senate Committee on the Environment and Public Works.  From 1993 through 1995 he was the Chief of Staff of the Senate Finance Committee.  He first began working with Sen. Moynihan as Director of Communications in the Senator's 1988 re-election campaign. A writer prior to entering politics and government, O'Donnell published the book Deadly Force (1983), which was adapted as a CBS movie in 1986. He has written essays and articles for several publications including The New York Times, Washington Post, Los Angeles Times, New York Magazine, People, Spy, and Boston Magazine. O'Donnell has also appeared on NBC News' "Today," "Good Morning America," "Nightline," "Charlie Rose," and several other programs. Suffolk University awarded O'Donnell an honorary degree, Doctor of Humane Letters, in 2001.

Born in Boston, O'Donnell is a graduate of Harvard College.

Outrageous! (Historically low ratings may not apply in this case.)

Under the banner headline "Keith Olbermann Backlash Fueled By Declaration of Katie Couric as ‘Worst Person in the World,'" Danny Shea of the Huffington Post has compiled an impressive lineup of critics, bloggers and pundits who have recently taken exception with Mr. Olbermann's style of reportage.

The backlash-tracking page concludes with a poll asking readers, "Is the backlash against Keith Olbermann warranted?"

As of press time, the majority of HuffPo readers were siding with Mr. Olbermann, with 57.91 percent voting "no."