Olbermann out at Current TV

Updated 6:25 p.m. ET

(CBS News) Liberal television network Current TV announced Friday it ended its contract with liberal firebrand Keith Olbermann.

In a statement on its blog, Current TV told viewers that Olbermann no longer reflects Current's values.

"Current was also founded on the values of respect, openness, collegiality, and loyalty to our viewers. Unfortunately these values are no longer reflected in our relationship with Keith Olbermann and we have ended it," Current TV founders Al Gore and Joel Hyatt wrote in an "open letter" to viewers. 

Via Twitter, Olbermann said he is taking his firing to court.

"It goes almost without saying that the claims against me implied in Current's statement are untrue and will be proved so in the legal actions I will be filing against them presently," Olbermann wrote

Olbermann's departure is sudden. He will not broadcast during his regular scheduled program tonight. Instead, former New York Gov. Eliot Spitzer will replace him with a program called "Viewpoint with Eliot Spitzer."

"We are confident that our viewers will be able to count on Gov. Spitzer to deliver critical information on a daily basis," the blog says. "We are moving ahead by honoring Current's values. Current has a fundamental obligation to deliver news programming with a progressive perspective that our viewers can count on being available daily -- especially now, during the presidential election campaign."

Olbermann fired back saying "the truth of the ethics of Mr. Gore and Mr. Hyatt will come out."

He said "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"

The talk show host linked to an article written in the New York Times that describes a defiant Olbermann frustrated with the shortcomings of the network.

Olbermann is notorious for clashing with management. He was ousted from MSNBC more than a year ago and found a home at Current TV, raising the profile of the new network, which was co-founded by former Vice President Al Gore.