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Reports Chernin Out At News Corp

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by Jeff Bercovici
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Feb 23 2009 4:13pm EDT

Reports: Chernin Out at News Corp.

The Los Angeles Times and Nikki Finke are both reporting that Peter Chernin is leaving his job as president of News Corp. when his contract expires later this year. Rather than name a replacement right away for Chernin, Rupert Murdoch, who turns 78 next month, "is expected to pick up many of the duties handled by Chernin, including oversight of News Corp.'s Fox movie and television operations."

It's been rumored for months that Chernin, who's 57, was considering walking when his deal runs out June 30, but many thought that was just a negotiating posture. News of his exit is likely to send News Corp. stock, which has already lost two-thirds of its value in the past year, spiraling lower still. □

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