Ailes is the chairman and CEO of Fox News Channel and chairman of Fox Television Stations Group.
News Corp. representatives did not immediately respond to a request from TheWrap for comment.
Ailes signed a similar five-year contract with News Corporation in 2008. He has been with News Corporation since 1996, the year he launched FOX News Channel.
The announcement comes in the same week that another media mogul, Les Moonves, chairman and CEO of CBS Corp., also re-upped his contract.
The new contract was first reported by Howard Kurtz, media columnist for The Daily Beast and host of CNN's "Reliable Sources."
