Rather decided to leave the media company after talks to renew his contract fell through, leaving the news anchor with few options at CBS.
Media commentators say Rather was slowly forced out after he reported on a scandal about President George W. Bush's military career, which was later discovered to be untrue.
CBS C.E.O. Leslie Moonves says Rather's bitter departure is something they were all sorry for.
He says, "I'm sorry it ended the way it did. There was no bigger role for him to play anymore. He had a very distinguished career.
"I'm sorry he's leaving us."
Rather was the anchor of CBS Nightly News for 25 years while simultaneously working with CBS's 60 Minutes.
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