NEW YORK (AP) --€” News Corp. (NASDAQ:FOX) said Friday that Fox News chief executive Roger Ailes has signed a new four-year contract.

Ailes, 72, first joined News Corp. in 1996. He will continue to oversee Fox News, the Fox Business Network, the Fox TV stations, Twentieth Television, and MyNetwork TV. He will also continue to be a senior advisor to CEO Rupert Murdoch.

Ailes launched Fox News Channel in October 1996. Prior to launching Fox News, Ailes had been a campaign consultant to several Republican presidential candidates, including Richard Nixon, Ronald Reagan, and George H.W. Bush.

News Corp.'s widely traded Class A non-voting stock dipped 64 cents, or 2.5 percent, to $24.78 in afternoon trading Friday amid a broad-based market decline. In the last year, the stock has traded in a range between $15.93 and $25.50.

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