21st Century Fox’s Carey Signs 2-Year Contract Extension

Chase Carey, 21st Century Fox (FOXA) Inc.’s president and chief operating officer, signed a two-year contract extension through June 2016.

Carey has the option of stepping down at the end of 2015, while remaining a consultant through the contract’s end, according to a filing yesterday by the New York-based media company.

The arrangement keeps Carey in place as the No. 2 executive at Fox while providing flexibility for a potential transition under controlling shareholder Rupert Murdoch, who is chairman and chief executive officer. Murdoch’s son James, 41, was promoted to co-chief operating officer in March, after serving as deputy COO. Murdoch, 83, has said publicly he wants his children to succeed him.

Nathaniel Brown, a spokesman for Fox, had no comment beyond a statement confirming the contract extension.

This year, Lachlan Murdoch, 42, was named non-executive co-chairman of both 21st Century Fox and News Corp. (NWSA), the publishing business also controlled by his father. The two companies split in 2013.

Fox rose less than 1 percent to $36.21 at the close in New York yesterday. The shares have risen 3 percent this year.

The company also said former Colombian President Alvaro Uribe is stepping down from the board at the end of June, less than two years after he joined. His resignation isn’t due to any disagreement with the company, Fox said in the filing. New board members are under consideration, it said.

To contact the reporter on this story: Anthony Palazzo in Los Angeles at apalazzo@bloomberg.net

To contact the editors responsible for this story: Anthony Palazzo at apalazzo@bloomberg.net Anne Reifenberg, Ben Livesey

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