News Corp Prez Chernin to Quit in Summer
Murdoch bids adieu to top exec who ran Fox film and television
By Neal Colgrass,  Newser Staff
Posted Feb 23, 2009 7:31 PM CST
News Corp. Chairman and CEO Rupert Murdoch, left, and Peter Chernin are seen during a news conference following the News Corp. annual meeting in New York in this Oct. 19, 2007 file photo.    (AP Photo/Richard Drew, file)
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(Newser) – News Corp. President and COO Peter Chernin is parting ways with Rupert Murdoch when his contract runs out in June, the Wall Street Journal reports. The departure comes as the company's stock has plunged more than two thirds over the past year and the media business is in tatters. Chernin, 57, has been with News Corp. for a 2 decades, including 12 years directing Fox film and television production.

Chernin was highly compensated—earning $28.8 million in the year ending in June, says the Journal—but unlikely to become Murdoch's successor as CEO since Murdoch has made it clear he wants one of his children to take over the top job.