NEW YORK — In a multimillion-dollar deal, Fox News has re-upped Neil Cavuto’s contract as VP and managing editor of business news for four years.
The deal also covers Cavuto’s responsibilities as anchor of “Your World With Neil Cavuto” and “Cavuto on Business.”
Over the past year, Cavuto — who was the lead anchor on CNBC for seven years before joining Fox News Channel when it launched in 1996 — has reportedly been wooed by Fox rivals CNN and CNBC.
One reason Cavuto decided to stick with Fox News is his strong ties to its chairman Roger Ailes, for whom he worked at CNBC.
“Roger has given me an opportunity of a lifetime to build a business news unit within a general news unit,” Cavuto said.
Cavuto, who suffers from multiple sclerosis, also has a more personal reason for sticking around. “This company has been really good in standing by me. They’ve been with me through thick and thin.”
With his new deal, Cavuto’s responsibilities will not change. But the veteran business reporter said he is interested in bulking up the news cabler’s weekend business news franchise.
“There’s ample room for growth,” Cavuto said.