ESPN has suspended Keith Olbermann for calling Penn State University students "pitiful" for tweeting the sportscaster a link to a cancer fundraiser.

Olbermann came under fire Monday night for an inflammatory Twitter exchange with the students.

Olbermann called them "pitiful" after someone tweeted him a link about the school's annual pediatric cancer fundraiser.

The feud continued after Olbermann clarified his tweet explaining that he wasn't calling the fundraiser "pitiful," but rather Penn State students "pitiful."

The exchange lead to Olbermann's suspension.

"We are aware of the exchange Keith Olbermann had on Twitter last night regarding Penn State," ESPN said in a statement. "It was completely inappropriate and does not reflect the views of ESPN. We have discussed it with Keith, who recognizes he was wrong. ESPN and Keith have agreed that he will not host his show for the remainder of this week and will return on Monday. The annual tradition of THON and the efforts of the students of Penn State to fight pediatric cancer should be applauded.

Olbermann then took to Twitter to apologize.

Olbermann once placed Penn State on his "World's Worst in Sports" list on an episode of his show.

A representative for ESPN did not return FOX411's request for comment.