NEW YORK (TheStreet) -- Shares of Twenty-First Century Fox (FOXA) are rising 0.79% to $33.24 on Thursday after Roger Ailes signed a new multi-year contract to continue to serve as Chairman and CEO of Fox News, the company said today.
The 75-year-old executive's contract was scheduled to expire next summer, The Wall Street Journal reports.
Under the extended contract, Ailes will report to current CEO Rupert Murdoch, Lanchlan Murdoch and soon-to-be CEO James Murdoch, who will take the helm starting July 1.
"Nearly two decades ago, Roger took a bold idea rooted in the belief that there was room for more choice in cable news, and - much to all the naysayers' surprise - through his development of vibrant programming and talent, created a behemoth of a business with one of the most passionate and engaged audiences in the history of television news," Rupert Murdoch said.
"I am grateful to Rupert Murdoch for taking the risk on Fox News to see it become the number one 24-hour news network in America," Ailes responded.
Additionally, Twenty-First Century Fox said yesterday that it is partnering with Sirius XM (SIRI) to launch a new national headline news service and full-time satellite radio channel, Fox News Headlines 24/7.
Separately, TheStreet Ratings team rates TWENTY-FIRST CENTURY FOX INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate TWENTY-FIRST CENTURY FOX INC (FOXA) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its notable return on equity, attractive valuation levels, expanding profit margins, good cash flow from operations and largely solid financial position with reasonable debt levels by most measures. We feel its strengths outweigh the fact that the company has had lackluster performance in the stock itself."