TV Week’s Jon Lafayette writes about Time Warner reaching agreement with FNC on a new carriage deal that includes a Fox Business channel if/when it launches. Note the role for Alexis Glick in the new business channel…

The long-term deal gives Time Warner Cable retransmission consent to carry all of the Fox-owned TV stations in Time Warner markets and extends its carriage agreement for Fox News Channel, a Time Warner Cable spokesperson confirmed Tuesday.

Time Warner Cable has also agreed to roll out the Fox Reality Channel.

“It’s a big deal with a major content provider,” the Time Warner Cable spokesman said.

Time Warner Cable is the second-largest cable operator, with 23 million subscribers. The deal would put News Corp. close to the 30-million-subscriber level it has said it would need in order to launch the channel.

The channel would operate under Roger Ailes, chairman of Fox News, with Neil Cavuto, managing editor of business news, and former CNBC reporter Alexis Glick in charge of day-to-day operations.

UPDATE: The Financial Times’ Joshua Chaffin has more…(sub req.)

Under the agreement, Time Warner will pay News Corp 10-15 cents per subscriber for the right to carry the business channel, according to an executive briefed on the agreement.

Although that rate is relatively low, the deal is vital because it will give Fox Business coverage in the New York market, where Time Warner’s 11m subscribers are concentrated – something Rupert Murdoch, News Corp’s chief executive, had set as a precondition to the channel’s launch. In November, News Corp lined up a commitment from Comcast the largest US cable operator, to carry the planned business network.

Meanwhile, News Corp is also set to receive a windfall from Time Warner for Fox News. Beginning later this summer, the cable operator will begin to pay about 75 cents per subscriber as part of the new agreement. That amount is roughly three times what Time Warner paid a decade ago when its first agreed to carry Fox News, and similar to a deal agreed late last year by Cablevision.