Tim Carry, the executive who has for years helped 21st Century Fox wring millions of dollars from deals that made its Fox News Channel available via cable and satellite, is stepping down after two decades, the company said Tuesday.

Carry, executive vice president for distribution at Fox News, has been involved in every carriage deal for Fox News Channel and Fox Business Network since their launches in 1996 and 2007, respectively. The position is an important one. Fox News generates approximately 20% of 21st Century Fox’s operating income, and the fees that cable and satellite operators pay to carry Fox News are a large part of that cash flow.  Carry’s decision to leave could possibly mean changes in the way Fox News distribution is handled, according to a person familiar with the situation, including being negotiated along with other 21st Century Fox-owned networks, which include FX, Fox Sports 1 and FXM.

Fox News Channel is projected to generate $1.67 billion in affiliate revenue in 2016, according to market-research firm SNL Kagan, compared with $952.8 million in net advertising revenue.

“While we would love for him to continue here and worked hard to convince him to stay, we respect his decision and are grateful for his immense dedication in making Fox News an incredibly powerful asset,” said Jack Abernethy and Bill Shine, co-presidents of Fox News, in a prepared statement. ” Over his 20-year career here, Tim has played an instrumental role in introducing both FNC and FBN to millions of viewers. His sharp negotiating skills with cable and satellite operators have led to Fox News securing the best rates in the industry.”

Early last year, Carry fought for Fox News and Fox Business during a negotiating impasse with satellite-broadcaster Dish Network, which took the two networks off its service as it made public statements about Fox using the two outlets to help it gain more favorable terms for other cable holdings. When Fox News and Fox Business returned to Dish, they had both been placed on the same pricing tier and the satellite company agreed to pay more than $1.50 per subscriber per month.

“It has been an honor to have been part of the Fox News team over the last 20 years. Through the dedication and fortitude of so many at Fox News I have seen it grow from its inception to a fledgling pay TV network, to the genre leader, and, eventually, the number one cable network in the United States,” said Carry in a statement. “I am so grateful to the leadership and guidance I received from 21st Century Fox, humbled by the talented team of reporters, anchors and producers who’ve made the network so great, and, above all else, thankful to our distribution partners and advertisers who long ago believed in our vision of ‘news re-defined’ both in style and substance, making the news category accessible and engaging to so many more pay TV viewers.”

Before joining Fox News, Carry worked at NBC Cable, which he joined in 1992 as director of affiliate relations. Operating in the Midwest, he oversaw a six-state region for NBC, representing CNBC, America’s Talking, Canal De Noticias and NBC retransmission consent for NBC owned-and-operated and Westinghouse Broadcasting stations.  Two years later, he was appointed director of Northeast affiliate relations for NBC Cable, and relocated to New York.  A graduate of Michigan State University with degrees in Economics and Telecommunications, Carry began his career in 1982 at Maclean Hunter Cable TV in Detroit, Michigan.