News of the cancellation came one day after Dobbs, 75, was named as a defendant in a defamation lawsuit filed by voting machine maker Smartmatic, which argued that three Fox hosts, including Dobbs, falsely accused the company of helping to rig the election against former president Donald Trump.

Fox said the move to end Dobbs' show had been in the works before the lawsuit as part of a revamp following the November US presidential election in which Republican Trump was defeated by Democrat Joe Biden.

"As we said in October, Fox News Media regularly considers programming changes and plans have been in place to launch new formats as appropriate post-election, including on Fox Business," a spokesperson said.

On the Smartmatic lawsuit, Fox said on Thursday the network was "proud of our 2020 election coverage and will vigorously defend this meritless lawsuit in court".

The former CNN host started his show at the channel in March 2011 and it became among the most-watched business news channel programs.

The cancellation was first reported by the Los Angeles Times, which said the anchor was unlikely to appear on Fox channels again even though he remained under contract.

Trump issued a statement praising Dobbs on Friday evening, saying: "Nobody loves America more than Lou. He had a large and loyal following that will be watching closely for his next move, and that following includes me."

Starting on Monday, the show will be called Fox Business Tonight.

Reuters with AP

Australian Associated Press