21st Century Fox has signed one of its top executives to a two-year contract extension. Bloomberg reports that the new deal with President and Chief Operating Officer Chase Carey will take him through June 2016.

“Carey has the option of stepping down at the end of 2015, while remaining a consultant through the contract’s end, according to a filing yesterday [June 9] by the New York-based media company,” the story notes.

While the contract keeps Carey as the company’s second-ranked executive, reporting to Chairman and CEO Rupert Murdoch, it also gives flexibility for a potential transition, the story points out. James Murdoch, Rupert Murdoch’s 41-year-old son, was recently named co-chief operating officer, and Rupert Murdoch has noted that he wants his children to take over the company.

Chase Carey