Fox News Co-Presidents Sign Multiyear Pacts

Fox News co-presidents Jack Abernethy and Bill Shine, who were tapped to lead the network after the departure of Roger Ailes, have signed multiyear contracts, 21st Century Fox Inc. said Wednesday.

In a statement, Executive Chairman Rupert Murdoch said the deals ensure "stability and leadership to help guide the network for years to come." Mr. Murdoch promoted the two Fox News veterans in August following the July departure of Mr. Ailes, who resigned as the network's chief executive amid allegations he sexually harassed employees. Mr. Ailes denied the allegations.

Mr. Murdoch has assumed the role of chairman and acting chief executive officer of Fox News since Mr. Ailes left.

Mr. Shine, who had been senior executive vice president of programming for Fox News and Fox Business, continues to run those networks' programming and news functions.

Mr. Abernethy, who was chief executive of Fox's TV station group, continues to oversee the stations while managing business components of Fox News Channel and Fox Business Network.

Mr. Ailes was sued in July by longtime Fox News anchor Gretchen Carlson, who alleged he retaliated against her after she rebuffed his advances. After 21st Century Fox launched an internal inquiry, several other women came forward alleging misconduct by Mr. Ailes. The media giant settled Ms. Carlson's suit earlier this month for about $20 million, a person with knowledge of the deal has said. The company has settled with other women as well, an executive close to the situation has said.

Fox News also said last month that Chief Financial Officer Mark Kranz would retire.

21st Century Fox and News Corp, which owns The Wall Street Journal, share common ownership.

There have been other changes inside Fox News since the scandal erupted. The network said last month that Chief Financial Officer Mark Kranz would retire. Anchor Greta Van Susteren said this month she was leaving after 14 years, after exercising a clause that voided her contract if Mr. Ailes left.

21st Century Fox said Aug. 3 that growth in its cable networks contributed to a 7% revenue increase for the June quarter, to $6.65 billion, though higher expenses tied to movie releases and sports programming cut into earnings.

Write to Josh Beckerman at [e-mail]

(END) Dow Jones Newswires

September 14, 2016 17:55 ET (21:55 GMT)

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