On a hot mic, reporter David Chalian of Yahoo News said that Ann and Mitt Romney are "happy to have a party with black people drowning." Here's audio:

The comments were made during an ABC/Yahoo livestream, when the reporters believed that microphones were off.

The comments appear to be in reference to the Republican convention going on even as Hurricane Isaac hits the coast. Ann Romney addressed the convention last night; Romney is scheduled for tomorrow night.

Sources confirm that Chalian made the comments. Expect to see multiple statements from ABC and Yahoo News regarding this incident in the imminent future, sources say.

UPDATE: A Yahoo spokesman emails: "David Chalian's statement was inappropriate and does not represent the views of Yahoo!.  He has been terminated effective immediately. We have already reached out to the Romney campaign, and we apologize to Mitt Romney, his staff, their supporters and anyone who was offended."