Fox News co-founder, chairman and CEO Roger Ailes has signed a new multi-year deal to head Fox News, Fox Business and the FOX TV Stations group.
“I am grateful to Rupert Murdoch for taking the risk on Fox News to see it become the number one 24-hour news network in America,” Ailes said in a statement. “I look forward to working with Rupert, Lachlan and James to do my part to help bring 21st Century Fox well into the future.”
The news comes days before James Murdoch succeeds his father as CEO of 21st Century Fox, the parent of the Fox channels. Rupert Murdoch and Lachlan Murdoch will become executive co-chairmen of the board at that time.
“I have always had, and will continue to have, a special relationship,” says Rupert Murdoch. “Lachlan, James and I are delighted that Roger will be leading key businesses for us and our shareholders for years to come, and he has our unwavering support.”
Ailes current 4-year contract would have expired in late 2016. With this new deal, he is expected to stay with the networks well into the next presidential administration. Ailes was a co-founder of the network in 1996 which became — and remains — the most-watched cable news channel in 2002.
“Roger is an incredibly talented executive and we’re pleased he has accepted our offer to continue his extraordinary record of success at 21st Century Fox,” Lachlan and James Murdoch added. “We look forward to witnessing his energy and entrepreneurial drive in leading the next wave of growth for Fox News, Fox Business Network and Fox Television Stations, as well as many years of continued success together.”