The cable-news outlet said Smith, a veteran anchor who has been with Fox News since its inception in 1996, would lead a new breaking-news division as managing editor while continuing as chief news anchor of the network, which is owned by 21st Century Fox. The new arrangement is part of Smith's new multi-year deal to remain with the network.
Megyn Kelly is expected to join in coming weeks.
As part of a shift expected to take place this fall, "The FOX Report with Shepard Smith," the network's signature 7 p.m. newscast, will be made part of a breaking-news unit to which Smith will dedicate anchoring and reporting when domestic and international events unfold. The newsman will continue to anchor at 3 p.m,. weekdays, with the debut of a new one-hour program called "Shepard Smith Reporting," and will give viewers a sense of how news is gathered by using social media and other technologies.
The show will be broadcast from a newly constructed signature studio known as "The FOX News Deck." Fox News said this "command center" will use real-time news feeds, digital media newsgathering and new state-of-the-art technology.
Smith and his team will have the freedom to interrupt all other programming on the network as deemed necessary to bring viewers breaking news and associated developments.
Smith will "exemplify the ethos that Fox News is when and where the news is, as it happens, no longer bound by a traditional evening format conceived in the 1960's," said Roger AIles, chairman and chief executive of Fox News, in a prepared statement included in the release.
Fox News' maneuver comes as rival MSNBC has lost some of its footing during breaking-news events. That network, owned by NBCUniversal, has cast itself as a center for commentary and analysis, and in doing so, has ceded some ground to the TIme Warner-owned CNN in recent months.
Smith has anchored "The FOX Report with Shepard Smith" since its debut in 1999. Smith also anchors the afternoon news program 'Studio B," which, launched in 2002.
The wide-ranging deal was negotiated for Smith by Larry Kramer of New York's Kramer Talent Management.
© 2013 Variety Media, LLC, a subsidiary of Penske Business Media; Distributed by Tribune Content Agency, LLC