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After much deliberation, NBC News has finally announced the future of Brian Williams. Confirming the speculation, the network said on Thursday, June 18 that the 56-year-old anchor would stay on the network, but would not return to "NBC Nightly News" when his suspension ends in August.

Williams will be assigned to MSNBC as anchor of breaking news and special reports. He will also serve as a "breaking news anchor for NBC News live special reports when [Lester] Holt is not available." Meanwhile, Holt who has served as a fill-in on "Nightly News" for the past four months has been named a permanent anchor on the network's evening newscast.

Williams said in a statement addressing his transfer, "I'm sorry. I said things that weren't true. 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|percent| 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."

Along with the demotion, the father of actress Allison Williams will reportedly get a salary that is significantly smaller than the $10-million-a-year contract he signed in December.

Andrew Lack, chairman of NBC News and MSNBC, said in a statement, "Brian now has the chance to earn back everyone's trust. His excellent work over twenty-two years at NBC News has earned him that opportunity."

NBCU CEO Steve Burke added, "Brian Williams has been with NBC News for a very long time and he has covered countless news events with honor and skill. As I said in February, we believe in second chances, and I am hopeful that this new beginning will be good for Brian and the organization. This matter has been extensively analyzed and deliberated on by NBC. We are moving forward."

Holt, meanwhile, took to Twitter to say that his family fully supported his new role. "Promised my family I wouldn't think about work during vacation. Just got the ok to break that promise. Excited and grateful for new role," he wrote.

In the wake of his transfer, Williams has sat down with NBC colleague Matt Lauer to talk about the controversy that caused to him lose his "Nightly News" anchor stint. The interview will air Friday on "Today" and "Nightly News".