NEW YORK (AP) -- Fox News Chief Executive Roger Ailes, who pulled Fox News Channel past Time Warner Inc.'s CNN in the ratings in 2002, has signed a new five-year contract with News Corp.
Ailes will continue to oversee Fox News, Fox Television Stations, Fox Business Network, My Network TV and distribution company Twentieth Television, and he'll remain a senior adviser to News Corp. Chief Executive Rupert Murdoch, the company said Thursday.
Ailes, 68, joined News Corp. in 1996 and helped launch Fox News Channel that year. He "has done a remarkable job building Fox News into a force in journalism and built a great asset for News Corp.," Murdoch said in a statement.
News Corp. shares were down 33 cents, or 5 percent, at $6.22 in midday trading.
(Copyright 2008 by The Associated Press. All Rights Reserved.)