The Takeaway: Chernin Churn at News Corp.

LAT: Peter Chernin's decision to exit his job as second in command at News Corp. this summer "leaves News Corp. without its ambassador to Wall Street and Hollywood, a role that was crucial for the company's stability, assuring investors that the $33-billion-a-year empire was more than a one-man band." The presumption is that one of Rupert Murdoch's offspring, either James or Elisabeth, will eventually succeed Chernin, but for now, "Wall Street believes that Murdoch's children aren't seasoned enough for the No. 2 slot."

WSJ: Apparently James Murdoch, at least, agrees with that assessment. "For the time being he wants to stay in his current job, according to people familiar with the situation." The 36-year-old currently runs News Corp.'s operations in Europe and Asia. Meanwhile, "Chernin's exit is expected to give more responsibility to well-regarded entertainment executives, including James Gianopulos, Tom Rothman and Peter Rice. Mr. Murdoch is also expected to spend more time in Los Angeles."

NYT: Chernin is quite the corporate politician -- and he has needed to be, with plenty of opportunities for friction at News Corp. "While Mr. Chernin has never been under the illusion that he would eventually take over for Mr. Murdoch, he often clashed with Lachlan Murdoch, Mr. Murdoch's eldest son, who left the company in 2005. And lately, as James Murdoch has steadily gained influence, it has caused tension among top executives. At the same time, Mr. Murdoch was often irritated by the view on Wall Street that Mr. Chernin was indispensable to the company." And if that wasn't enough, "Mr. Chernin is also a prominent Democrat in a company whose news outlets, like Fox News and the New York Post, lean rightward, a mix that created an at times awkward situation between Mr. Chernin and Roger Ailes, the head of Fox News who is technically subordinate to Mr. Chernin but in practice answers only to Mr. Murdoch."

Variety: Many have remarked on the timing of Chernin's exit announcement, coming a day after Slumdog Millionaire, a Fox-distributed film, won the Best Picture Oscar. According to Variety, "The timing was triggered by a News Corp. board meeting set for today in Gotham, at which Murdoch would have been under pressure to address Chernin's future with the company.". □

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