The network had ambitious plans for Kelly, handing her hosting duties for a Sunday evening news magazine and the 9 a.m. hour of the "Today" show.
Terms of the severance were not disclosed.
In a sense, Kelly was caught in a no-woman's land: some at NBC were suspicious of her because of the Fox News background, while her former audience at Fox resented her for tough questioning of Donald Trump on the presidential campaign trail.
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The teen could be facing reckless driving charges, police say but it will ultimately be up to the County Attorney's office. The social media challenge has gone viral, prompting Netflix to issue a warning to viewers on Twitter.
Megyn Kelly was midway through a lucrative contract that paid her US$69 million over three years. Her arrival was greeted with optimism, but her tenure was marked by difficulty from the start. "Sunday Night with Megyn Kelly" aired just eight episodes in 2017 - the last being a much-criticized interview with Russian President Vladimir Putin.
This contributed to tensions between Kelly and NBC executives, including NBC News chair Andy Lack, who invested tens of millions of dollars in her hiring. Reports suggest Kelly will get a payout of up to $30 million from the network, on the condition that she honors a nondisparagement clause which limits what she can say about her time at NBC and her interactions with NBC executives. And "Megyn Kelly Today" was defined by disappointing ratings and awkward moments, with the host sometimes seeming ill-suited for the bubbly world of morning television.
But tough segments on accusations against former NBC anchor Matt Lauer didn't win her friends internally, as did her public call for Lack to appoint outside investigators to look into why the network didn't air Ronan Farrow's stories about Harvey Weinstein and allowed Farrow to take his story to The New Yorker. Kelly said it was OK when she was "a kid" (she was born in 1970) to don blackface - "so long as you were dressing up as a character".