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Shep Smith's Fox News Contract Renewed

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Shep Smith isn't leaving Fox News anytime soon.

The face of the network's news division has signed a three-year contract extension with Fox News, Deadline.com's Nellie Andreeva reported Tuesday morning.

Smith confirmed the news on "The View" Tuesday, announcing the news to applause from the crowd.

Smith, who has been with Fox News since its 1996 launch, last renewed his contract in 2007 in the neighborhood of $7-8 million per year. At the time, network boss Roger Ailes called Smith his "go-to guy" for breaking news coverage.

Update: In announcing the contract extension Tuesday, Ailes has praised Smith further, calling him "a rare journalist whose signature style leads the news industry while embodying the traits of great newsmen of past generations."

"I look forward to my future at Fox News where Roger's commitment to journalism has allotted me the freedom and resources necessary to execute the only one-hour newscast in cable news," Smith added.

Smith anchors the top-rated 3PM and 7PM broadcasts for the network ("Studio B" and "The Fox Report," respectively).