June 9, 2014 / 11:16 PM / in 4 years

Fox extends Carey's contract for two years

June 9 (Reuters) - Chase Carey, the president and chief operating officer of Rupert Murdoch’s 21st Century Fox, signed a contract to stay with the media company for up to two years, according to a regulatory filing on Monday.

The move ensures that Carey will remain at the company while Murdoch prepares to turn his media empire over to his sons, James and Lachlan.

Fox extended Carey’s contract through June 2016, the filing said. Carey has the option to leave earlier, on Dec. 31, 2015, if he provides six months’ notice. He would have to provide “non-exclusive consulting services” through June 2016 if he opts for the earlier departure.

Carey’s contract had been up for renewal on June 30 and investors had been wondering whether he would stay.

At the end of March, Murdoch returned his eldest son, Lachlan, to the leadership of his media empire and promoted younger son James to pave the way for the 83-year-old tycoon’s succession plan. (Reporting by Liana B. Baker; Editing by Jan Paschal)

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