By Oliver Gettell
July 06, 2017 at 09:41 PM EDT
Behind The Scenes At FOX Business For The Stock Market Opening
Credit: Astrid Stawiarz/Getty Images

Charles Payne has been suspended from his hosting duties at Fox Business Network while parent company 21st Century Fox investigates sexual harassment allegations made against him.

A network spokesperson confirmed the suspension to EW and said in a statement, “We take issues of this nature extremely seriously and have a zero-tolerance policy for any professional misconduct. This matter is being thoroughly investigated and we are taking all of the appropriate steps to reach a resolution in a timely manner.”

The Los Angeles Times reported Thursday that a female political analyst who frequently appeared on Fox Business Network and Fox News Channel from 2013 to 2016 has alleged she was blackballed by Fox after ending an extramarital affair with Payne in 2015 and tried reporting him to top executives. Payne’s attorney Neal Korval did not immediately respond to request for comment but told the Times the anchor “categorically denies” the allegations.

Payne hosts the Fox Business program Making Money and has been with the network since its launch in 2007. A team of rotating substitute hosts will fill in for him during his suspension.

21st Century Fox has been hounded by sexual harassment allegations over the past year. The late Roger Ailes stepped down as CEO and chairman of Fox News last July after he was accused of serial sexual harassment by multiple women; star anchor Bill O’Reilly was ousted in April in another scandal; and Fox Sports National President Jamie Horowitz was fired earlier this week amid a sexual harassment probe.