Fox and Beck's company, Mercury Radio Arts, said they will work together to create other projects for Fox News television and digital.
Beck became a sensation almost immediately after jumping from HLN to Fox for an afternoon program, but lately his viewership has declined.
He faced an advertiser boycott that limited the amount of companies that wanted to be a part of his show after saying President Barack Obama had a "deep-seated hatred for white people."
The Associated Press contributed to this report.
