The Coronation Street star was found not guilty by a jury of two counts of rape and four charges of indecent assault, following a three and a half week trial at Preston Crown Court.
In a statement outside of court, the actor thanked his family and supporters, before adding: “In these situations there are no winners, and I think we should all be much kinder to ourselves.”
The 81-year-old, who played Ken Barlow in the soap, was alleged to have used his fame to exploit the young women, all who were aged 16 and under, in the 1960s and 1970s.
The women alleged the abuse had taken place at the Grenada Studios in Manchester, in his car and at properties owned by the actor.
Bill has vehemently denied all the allegations throughout and said he was “astounded” when he was first arrested on 1 May, last year.
The actor and his children were in tears as the verdict was read out, with Bill embracing the security guard before he left the dock.
Since the verdict earlier this morning, Bill has been inundated with messages of support, with Coronation Street stars, including Kym Marsh and Chris Bisson expressing their delight at the outcome on Twitter.
A statement made by ITV following the verdict, said: "We look forward to talking to Bill soon about his return to work."
We will keep you updated on this story as it develops.