News Corp. and Time Warner Cable have completed a long-term deal under which the cable operator will carry the long-planned Fox News business channel when it launches.

The agreement also gives Time Warner Cable retransmission consent to carry signals from all of the Fox-owned TV stations in Time Warner Cable’s markets and extends their carriage agreement for Fox News Channel, a Time Warner Cable spokesperson confirmed Tuesday.

Time Warner Cable has also agreed to roll out the Fox Reality Channel.

“It’s a big deal with a major content provider,” the Time Warner Cable spokesman said.

Time Warner Cable is the second-largest cable operator, with 23 million subscribers. The deal would put News Corp. close to the 30-million-subscriber level it has said it would need in order to launch the channel.

The channel would operate under Roger Ailes, chairman of Fox News, with Fox News executive VP Kevin Magee overseeing operations. Neil Cavuto, managing editor of business news, and former CNBC reporter Alexis Glick would head the channel’s staff.

Terms of the whole deal were not disclosed, but Fox News has been receiving an average of about 70 cents per subscriber per month in recent deals. While that doesn’t reach the $1 per subscriber mark News Corp. executives had been seeking, it is a substantial increase from its previous rate of about 25 cents per customer.

(Editors: Gilbert, Baumann)