In a press release on Tuesday afternoon, NZME head of talk Jason Winstanley commended Lynch's almost decade-long stint with the company.
"As a local broadcaster, Chris has played an important role in NZME's coverage of some of the biggest events in Canterbury's recent history," Winstanley said.
"On behalf of all of us at Newstalk ZB and the wider teams across NZME, I'd like to thank Chris for his hard work and dedication."
Winstanley said Newstalk ZB remained committed to its local broadcast and an announcement on plans for the Newstalk ZB Christchurch mornings show would be released in the coming weeks.
Stuff has reported lawyers and public relations staff are working on an exit deal with Lynch.
Lynch has been on leave from the popular Canterbury morning radio show recently, and Kerre Woodham has been filling in while he has been away.
