Carey, who joined DirecTV in 2003 from News Corp., extended his employment contract through Dec. 31, 2010.
"The past three years have been an amazing time of change and growth for both me and the company," Carey said in a statement. “I'm proud of our accomplishments and also realize there's still much hard work to be done. I look forward to the excitement, challenge and fulfillment that will come over the next few years."
Liberty Media is acquiring a 38.5% stake in DirecTV from News Corp. as part of a deal that will close later this year. Liberty is creating a new tracking stock, named Liberty Entertainment, which will hold DirecTV and other acquired assets from the deal, as well as programming assets currently held at Liberty Capital.
"We are pleased that DirecTV will continue to benefit from Chase's strong leadership," Liberty Media chairman John Malone said in a statement.