The joke was a reference to accusations that Cosby drugged and sexually assaulted women. "Precious waters?" Matthews was seemingly referring to Clinton.
In a video unearthed by NY magazine, Matthews can be seen making a few inappropriate - and sexist - jokes about then-Democratic presidential candidate Hillary Clinton ahead of a January 5, 2016, interview.
The "Hardball" host asks, "Can I have some of the queen's waters?"
"This was a awful comment I made in poor taste during the height of the Bill Cosby headlines", Matthews said in statement.
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Reps for Clinton didn't immediately respond to a request for comment from TheWrap. Also watch the interview. "Quit. Now", tweeted Tim Hogan, a former Clinton campaign spokesperson.
The website also listed some of Matthews' controversial remarks about Clinton, some of which were made on air. He pinched her cheek after an interview in 2008, and suggested that her political career had been advanced because her husband had "messed around". "She didn't win there on her merit".
Matthews has always been known to have a combative relationship with former candidate Clinton.
"Did you see her walk?"
A spokesperson for the network said that Matthews was formally reprimanded at the time.