Cable news channel MSNBC announced late Wednesday it was canceling its simulcast of Don Imus' radio broadcast, after initially punishing him with a two-week suspension for what it called racist comments about the Rutgers University women's basketball team.

Slideshow: Players Speak Out

"Effective immediately, MSNBC will no longer simulcast the "Imus in the Morning" radio program. This decision comes as a result of an ongoing review process, which initially included the announcement of a suspension," a statement from the company said.

"What matters to us most is that the men and women of NBC Universal have confidence in the values we have set for this company. This is the only decision that makes that possible. Once again, we apologize to the women of the Rutgers basketball team and to our viewers. We deeply regret the pain this incident has caused," it read.

The move comes after Proctor and Gamble and office products company Staples pulled their ads from the Imus show.

A Staples spokesman said the company's ads were not on the MSNBC show Tuesday and the company has no current plans to advertise on other shows. He will not say if the company might resume advertising at some future time.

And a Proctor and Gamble spokesman confirmed that his company pulled ads from the show as of last Friday but declined to give further details.

White House: Imus Fate Up To His Employer

Even the White House has weighed in on the Imus controversy.

Spokeswoman Dana Perino said President George W. Bush believes Imus' apology to the women's basketball team at Rutgers University was the "absolute right thing to do" and it's up to his employer to decide whether he should be fired.

The players whom Imus called "nappy headed hos" have agreed to meet with the radio host, who's being suspended for two weeks.

The young women are blasting Imus for remarks they call "deplorable, despicable and abominable." Imus said he made a "stupid, idiotic mistake."

Rutgers Team Agrees To Imus Meeting

Essence Carson, the captain of the Rutgers women's basketball team, said that the team has agreed to have a meeting with radio talk show host Don Imus.

At a Tuesday morning news conference on the Rutgers campus in Piscataway, N.J., Carson said the meeting will be private and will take place at an undisclosed location.

Imus said he didn't expect forgiveness from the team.

"We hope to come to an understanding about what the remarks entailed and why it was said," said Carson. "It's more than basketball, more than the Rutgers women's team. It's about women across the world and the nation."

Rutgers guard Matee Ajavon said she didn't know what to expect from the meeting.

"I could say that we honestly don't know what to expect from Don Imus and what we will plan on asking him is his reasons and how you could just say things that you have not put any thought to?," Ajavon said. "Right now I can't really say if we have come to a conclusion of whether we will accept the apology. What I can say -- I think this meeting will be crucial for us, the state of New Jersey and everybody representing us."

Carson said that the team hasn't personally received an apology.

"Reading it in the newspaper or watching it on television doesn't serve any justice to what he said," Carson said.

Rutgers women's basketball coach C. Vivian Stringer said that despite her team being insulted by Imus, the issue is bigger than them.

"It is about all athletes. It is about all women," Stringer said. "Have we lost a sense of our moral fiber?"

"It's not about (the players) as black or nappy-headed. It's about us as a people," Stringer said. "When there is not equality for all, or when there has been denied equality for one, there has been denied equality for all."

Stringer said that she recognizes Imus makes fun of politicians and professionals on his show, but said that her basketball players are neither.

"These are 18-, 19-, 20-year-old women," Stringer said. "These are young women that girls look up to."

"These young ladies are the best this nation has to offer," she said. "They are young ladies of class and distinction. They are articulate. They are brilliant and they are gifted. They are God's representatives in every sense of the word."