The Los Angeles Police Department has been investigating Masterson since March after three women accused him of committing sexual assault in the early 2000s.
Masterson denies the allegations. He told USA Today that he's "very disappointed" in Netflix's decision.
"Law enforcement investigated these claims more than 15 years ago and determined them to be without merit. I have never been charged with a crime, let alone convicted of one," the statement read. "In this country, you are presumed innocent until proven guilty. However, in the current climate, it seems as if you are presumed guilty the moment you are accused."
A practicing Scientologist, Masterson also said in a statement that he thinks the allegations are an attempt to draw attention to another TV series featuring several former Scientologists. The Huffington Post also reports the Church of Scientology has intervened on Masterson's behalf in the past, submitting more than 50 affidavits from fellow Scientologists denying the accuser' claims.
Masterson is best known for his role as Hyde in the hit series, "That 70s Show". He's been working on the Netflix series 'The Ranch' since it began in 2016, playing the character Jameson 'Rooster' Bennett.