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Nick Cannon was abruptly fired from ViacomCBS after meeting with top executives to discuss his anti-Semitic rant last week.
ViacomCBS is the parent company of Nickelodeon and the producers of his show Nick Cannon Presents: Wild 'N Out.
The "Masked Singer" host found himself in hot water after he stated white people are the "true savages" due to their lack of melanin in their skin.
The job termination ends his hosting duties on Wild 'N Out and The Masked Singer and takes a huge chunk out of his bank account.
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The outspoken comedian made the remarks during a recent episode of his YouTube show Cannon's Class, when he stated that white people are "a little less" than darker-skinned people.
He claimed white people were savages because they originated from hostile territories, far from the equator where they received less sun exposure.
"The people that don't have (melanin) are a little less," Cannon said, claiming, "When they were sent to the mountains of Caucasus... The sun then started to deteriorate them, so then they're acting out of fear, they're acting out of low self-esteem, they're acting out of a deficiency."
He added: "So, therefore, the only way that they can act is evil. They have to rob, steal, rape, kill in order to survive. So then, these people that didn't have what we have - and when I say we, I speak of the melanated people - they had to be savages... They're acting as animals so they're the ones that are actually closer to animals. They're the ones that are actually the true savages."
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Following the public backlash, ViacomCBS execs met with Cannon in private to discuss his future with the corporation.
Disappointed by his lack of remorse or an apology, ViacomCBS announced it had parted ways with Cannon on Tuesday, July 14.
"ViacomCBS condemns bigotry of any kind and we categorically denounce all forms of anti-Semitism," the company said in a statement. "We have spoken with Nick Cannon about an episode of his podcast ‘Cannon's Class' on YouTube, which promoted hateful speech and spread anti-Semitic conspiracy theories.
"While we support ongoing education and dialogue in the fight against bigotry, we are deeply troubled that Nick has failed to acknowledge or apologize for perpetuating anti-Semitism, and we are terminating our relationship with him."
Mariah Carey's ex-husband responded to the controversy in a post on his Facebook page on Tuesday.
The father-of-three took "full responsibility" for the controversial remarks he made on his YouTube show.
"Anyone who knows me knows that I have no hate in my heart nor malice intentions. I do not condone hate speech nor the spread of hateful rhetoric. We are living in a time when it is more important than ever to promote unity and understanding," he wrote. "The Black and Jewish communities have both faced enormous hatred, oppression persecution and prejudice for thousands of years and in many ways have and will continue to work together to overcome these obstacles."
"In today's conversation about anti-racism and social justice, I think we all - including myself - must continue educating one another and embrace uncomfortable conversations - it’s the only way we ALL get better."
He concluded: "Until then, I hold myself accountable for this moment and take full responsibility because My intentions are only to show that as a beautiful human species we have way more commonalities than differences, So let’s embrace those as well as each other. We All Family!"