Here’s the agreement that the 21st Century Fox COO said last month that he had tentatively reached with CEO Rupert Murdoch. The terms, formalized today, will keep Chase Carey at the company through June 30, 2016 — although he can terminate on December 31, 2015 if he gives the company six months notice. If he leaves then he must provide “non-exclusive consulting services” subject to a non-compete provision to the end of June 2016, the company says in an SEC filing. His previous contract, from 2010, was set to expire at the end of this month. Just about everything else in Carey’s employment terms remains unchanged; he made $27M in the fiscal year that ended in the middle of 2013. Today’s announcement should please Wall Street: Carey’s popular among investors and has become Fox’s public face as Murdoch has withdrawn from many corporate events, including its quarterly update call with analysts.
Some became concerned about Carey’s fate in late March when Fox announced that James Murdoch had been promoted to co-COO, while another of Rupert’s sons, Lachlan, was named Non-Executive Co-Chairman. Fox Networks Group now reports directly to James. He also has “direct responsibility for the strategic and operational development” of Fox’s pay TV interests in Europe and Asia, reporting to Carey.
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