Shepard Smith, chief news anchor and managing editor of breaking news for the Fox News Channel, has signed a new contract that will keep him at the top-rated news network for several years.

Mr. Smith is one of the most visible presences at Fox News and has been a part of the on-air team since it launched in 1996. He is known both for his reporting and anchoring of breaking stories, such as the recent Florida school shooting, as well as political stories. Rupert Murdoch, executive chairman of Fox News parent 21st Century Fox,...