Phil lied constantly to the press, colleagues and his bosses at ITV, something the company now says they are "deeply disappointed" over.
A spokesperson told SundayStar.co.uk: "We are deeply disappointed by the admissions of deceit made tonight by Phillip Schofield.
"The relationships we have with those we work with are based on trust.
"Phillip made assurances to us which he now acknowledges were untrue and we feel badly let down.
"We accept his resignation from ITV and therefore can confirm that he will not be appearing on ITV as had previously been stated."
Phil has since been dropped by his management company with "immediate effect" after he confessed to the Daily Mail.
"The first thing I want to say is: I am deeply sorry for having lied," Schofield said.
He added: "I am painfully conscious that I have lied to my employers at ITV…
"…to my colleagues and friends, to my agents, to the media and therefore the public, and most importantly of all to my family."
"I am so very, very sorry, as I am for having been unfaithful to my wife."