Less than a year after he returned to television with an equity stake in the broadcaster, Keith Olbermann has flamed out again. He has been terminated by Current TV, effective immediately. His 8pm flagship show will be replaced starting tonight by former CNN host and New York Governor Eliot Spitzer.

FDL News can confirm that, in a little over an hour, Keith Olbermann will announce on a conference call with reporters that he will join Current TV for a nightly television show. Bill Carter and Brian Stelter at the New York Times hinted at this last night. Former and current employees of Current were able to confirm the deal.

In a major restructuring, cable channel Current TV–co-founded by Al Gore–has laid off 80 employees, about 25% of its staff.

Most of the axed were based in the Los Angeles office, affecting in-house production and striking a yet another blow to the city’s already suffering entertainment industry. The original programs “Current Tonight,” “Current Takeover” and “Current Exposed” have been canceled and David Neumann, the head of programming was fired. About 300 employees total remain.