The reports were true: Brian Williams is out, Lester Holt is in, announced Andrew Lack, chairman of NBC News and MSNBC on Thursday.

“I’m sorry. I said things that weren’t true,” said Williams in a statement. “I let down my NBC colleagues and our viewers, and I’m determined to earn back their trust. I will greatly miss working with the team on Nightly News, but I know the broadcast will be in excellent hands with Lester Holt as anchor. I will support him 100% as he has always supported me. I am grateful for the chance to return to covering the news. My new role will allow me to focus on important issues and events in our country and around the world, and I look forward to it.”

After it was discovered that Williams had been lying — or at least seriously exaggerating — tales of his life and heroism, NBC pulled him off the anchor chair earlier this. During that time, media watchers have speculated about his fate and today NBC officially confirmed stories that had been leaking over the past couple of days.

Instead of returning to the anchor desk, Williams in mid-August will move to MSNBC as anchor of breaking news and special reports, which basically means he’s an on-call anchor on a cable news network.

Meanwhile, Holt, 56, will be the first African-American man to be named solo anchor of a network news program. Holt has been a TV news reporter since he was 22. He joined NBC in 2000 and became full-time anchor of Weekend Nightly News in 2007. He also anchors Dateline and co-anchors Weekend Today.

“Lester has done outstanding work for NBC News over the last ten years, and he’s performed remarkably well over the last few months under very tough circumstances,” Lack said in a statement. “He’s an exceptional anchor who goes straight to the heart of every story and is always able to find its most direct connection to the everyday lives of our audience. In many ways, television news stands at a crossroads, and Lester is the perfect person to meet the moment.”

“This is an enormous honor. The respect and admiration I have for the Nightly News team has only grown deeper over the last several months that we’ve been together. Day-in and day-out under an uncomfortable spotlight they have produced world-class journalism,” Holt said, also in a statement. “I’m very proud and grateful to be part of such an unflappable and dedicated team of professionals as we move forward together.”

Besides his MSNBC duties, Williams also will serve as Holt’s back-up anchor should news break when Holt is not available. That’s a pretty steep drop for a man who when this year started was anchor and managing editor of the nation’s top nightly newscast.

On Friday, NBC will air an interview of Williams conducted by Matt Lauer on both The Today Show and on NBC Nightly News.

NBCUniversal conducted a review of Williams’ significant reporting in the field and commentary related to that reporting on NBC News platforms and in other public appearances over a period of more than ten years, the company said.

The extensive review found that Williams made a number of inaccurate statements about his own role and experiences covering events in the field. The statements in question did not for the most part occur on NBC News platforms or in the immediate aftermath of the news events, but rather on late-night programs and during public appearances, usually years after the news events in question.

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