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Chase Carey Back to News Corp. July 1

Chase Carey is returning to News Corp. faster than anyone could have expected. The company announced Wednesday the DirectTV CEO begins on July 1. Carey will take the title of deputy chairman, president and chief operating officer of News Corp and report directly to Rupert Murdoch.

"Chase has been one of my closest advisors and friends for years and I am delighted we'll once again be working together across our businesses as we face the challenges and great opportunities ahead," said Murdoch in a statement this afternoon.

DirecTV has formed a committee to advise on a search for a new president. In the interim, Larry Hunter, executive VP of legal, HR and administration, will fill in as CEO.

John Eggerton contributed to this report.