O'Reilly has denied the accusations despite widespread backlash. Instead of a jaunt into the historical deaths of famous white men, this one celebrates the traditionalism of "old school" folks, which is being threatened by "snowflakes".
But O'Reilly, in a testament to his ratings dominance, has always been a magnet for premium advertisers.
Of course, Roger Ailes resigned as Chairman and CEO of Fox News Channel previous year after allegations of sexual harassment.
Last week, a report in the New York Times revealed that Bill O'Reilly has been at the center of various sexual harassment and verbal abuse charges from various women.
In an interview with The New York Times, Trump said: "I don't think Bill did anything wrong ... They have treated women very badly, and so I understand that the Justice Department has opened a case and they're taking a look at them because this really is a sexual harassment enterprise", Waters said. The news has sparked an exodus of advertisers telling Fox they didn't want to be involved in O'Reilly's show.
While O'Reilly may be so invaluable the network won't let him go, companies have launched a successful boycott of a host in the not-so-distant past.
Trump is a regular on O'Reilly's show, and the two have been spotted at baseball game's in year's past with the president granting the Fox News host primetime exclusive interviews.
So, no, I don't expect Fox News or Rupert Murdoch, who controls FNC's parent company, to do the right thing here - unless it's in their self-interest. "It shouldn't be in America that you can sexually harass women and then buy your way out of it because you're rich", she said.
"The women who made allegations against Mr. O'Reilly either worked for him or appeared on his show".
TV industry executives said a sudden O'Reilly departure would result in a 30 percent decline in Fox News' prime-time ratings. O'Reilly hasn't admitted any wrongdoing.
Waters' remarks came a week after O'Reilly was forced to apologize for a glib remark about the congresswoman's hair.
Fox News didn't immediately respond to a request for comment.