Congrats to Ned. It looks like terms haven't been announced yet, but we'll update as soon as we hear.
UPDATE: Frank McCourt's official statement:
One of our core promises to our fans is championship caliber baseball, year in and year out. Ned has been instrumental in our going a long way towards fulfilling that promise. I couldn't be happier for him, both personally and professionally. The stability and continuity that extending his contract provides will further help us achieve the goal of being a consistent winner and I'm thrilled that he will continue to lead our baseball operations into the future.
My time here in Los Angeles has been very special to me and I'm honored to be associated with this tremendous franchise. I'm very proud of what our baseball operations staff has accomplished over the last four years and I'm grateful for the support of the fans who have truly made me feel at home. I'm hopeful that we can bring them the championship they deserve in the very near future.