Fox News chief Roger Ailes signs multi-year contract extension

Roger Ailes has signed a new multi-year deal with 21st Century Fox that will see him continue in his role as chairman and CEO of Fox News and Fox Business Network, as well as president of Fox Television.

The company did not say how long the extension was for, but the new pact comes amid speculation that Ailes was unhappy working under Lachlan and James Murdoch. The Murdoch brothers take over the reins of power from Rupert Murdoch, with James being named chief executive of the company and Lachlan becoming executive chairman alongside his father. The leadership transition takes place on July 1.

Shortly after news of the succession broke on June 11, Ailes said variety in an interview he would later report to Rupert Murdoch. A statement announcing the contract makes clear that Ailes will report to Rupert, James and Lachlan Murdoch.

Ailes’ contract expired in 2016, and there were concerns in Wall Street circles that it would not be renewed because of his previous clashes with the Murdoch sons. He is seen as a key component of the Fox empire, having pushed Fox News to the top of the cable news grave while turning Bill O’Reilly and Megan Kelly into network stars. The new deal will keep him at Fox through the presidential election and beyond, according to insiders.

“Roger is an incredibly talented director and we are delighted that he has accepted our offer to continue his extraordinary record of success at 21st Century Fox,” Lachlan and James Murdoch said in a joint statement. “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, and many years of continued success together.”

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