Los Angeles, CA, United States (CNS) -- Conan O'Brien is reportedly getting out of his NBC contract with $32.5 million consolation prize. The aggrieved "Tonight Show" host is said to have reached a departure deal with the peacock network.

According to TMZ, 46-year-old Coco has agreed to leave the show and promised not to host another program until September. In return, NBC will let him out of his contract and he will be paid $32.5 million.

His "Tonight" employees will also get severance pay, costing the network a total of around $40 million.

But O'Brien probably won't be getting the whole of the cash. The new deal says that any money he makes during the remaining contract period with NBC will offset the network's obligation. Meaning, if another network offered him $25 million during the NBC period, O'Brien would only get $7.5 million from NBC.

An announcement is expected soon.

Another source told the website that the network also wants to keep its intellectual property rights. But O'Brien wants his creations - Triumph the Insult Comic Dog, Pimpbot 5000, and Masturbating Bear - to go with him wherever he ends next. So the two warring parties are back in the meeting room to negotiate again.

TMZ said that NBC may have to concede, in exchange for a non-disparagement clause in the deal. Network honchos would likely let O'Brien keep his characters, but they want him to stop trashing them in return.

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