21st Century Fox said it has a “letter agreement” with president and COO Chase Carey that extends his employment at the company for two more years.
Two of chairman and CEO Rupert Murdoch’s sons were given expanded roles at the company, raising questions about Carey’s continued role.
Last month at an investor’s conference, Carey said he and Murdoch had an “understanding” that he would likely be staying with the company.
According to a filing with the Securities and Exchange Commission Monday, the agreement calls for the term of Carey’s employment to be extended for two years through Jun 30, 2016.
Carey can conclude the term of employment no earlier than December 31, 2015, but only after giving six months’ notice. If he concludes his employment, Carey would provide 21st Century Fox with non-exclusive consulting services through July 30, 2016. While consulting, Carey would be subject to a non-compete and would continue to receive compensation and benefits.
A veteran Fox executive, Carey is seen by Wall Street as a stabilizing influence at the company, compared to the more swashbuckling Murdoch.
Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.
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