UPDATED 4:58 p.m. ET: FX has now decided to cut ties with Louis C.K. following his admission that the allegations are true. In a statement Friday, FX said they would be ending their association with C.K. and that he would no longer be listed as producer or "receive compensation" on Better Things, Baskets, One Mississippi, and The Cops. His overall deal with FX Productions has been canceled.

According to Variety, 3 Arts Entertainment is also cutting ties with C.K.

See original story below.

On Thursday, the New York Times released a piece featuring the stories of five women who alleged Louis C.K. engaged in sexual misconduct with them. Since that piece went public, HBO, Netflix, and the distribution company behind I Love You, Daddy have disassociated themselves with the comedian, with FX also investigating the allegations.

Less than 24 hours later, Louis C.K. has released a statement confirming what the women shared happened.

"These stories are true," C.K. said. "At the time, I said to myself that what I did was okay because I never showed a woman my (penis) without asking first, which is also true. But what I learned later in life, too late, is that when you have power over another person, asking them to look at your (penis) isn’t a question. It’s a predicament for them. The power I had over these women is that they admired me. And I wielded that power irresponsibly."

While he said he's been "remorseful" and tried to "learn" from his actions, he admitted he's "aware of the extent of the impact of my actions," and that he "learned yesterday the extent to which I left these women who admired me feeling badly about themselves and cautious around other men who would never have put them in that position."

"There is nothing about this that I forgive myself for," he continued. "And I have to reconcile it with who I am. Which is nothing compared to the task I left them with."

C.K. also spoke on the projects he's associated with and how they "have been impacted by all of this, including projects currently in production," naming FX series like Baskets and Better Things, both of which he's co-created and has executive producer credit on.

Towards the end of his statement, Louis C.K. said he has "spent my long and lucky career talking and saying anything I want. I will now step back and take a long time to listen."

You can read his full statement here or below.