Comedian Louis C.K. says allegations of sexual misconduct are true

NEW YORK – Comedian Louis C.K. says allegations of sexual misconduct made against him are true.

The comedian says he acknowledges that he had power over his victims and "wielded that power irresponsibly."

He says he is remorseful for his actions and "will now step back and take a long time to listen."

Earlier today, indie distributor The Orchard said it would not be releasing his new film "I Love You, Daddy."

The film was set for release on Nov. 17.

The announcement came after the New York Times reported yesterday that C.K. has masturbated in front of five women.

READ MORE: 'Stories are true': Louis C.K. statement on allegations

Netflix also announced today that it is scrapping plans for an upcoming stand-up special featuring C.K.

"These stories are true. At the time, I said to myself that what I did was OK 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," reads the comedian's statement.

"I have been remorseful of my actions. And I've tried to learn from them. And run from them. Now I'm aware of the extent of the impact of my actions. I 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.

"I also took advantage of the fact that I was widely admired in my and their community, which disabled them from sharing their story and brought hardship to them when they tried because people who look up to me didn't want to hear it. I didn't think that I was doing any of that because my position allowed me not to think about it."