News Corp. President & COO Chernin To Leave Role At End Of June
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Peter Chernin (l) Leaving News Corp. To
Launch Fox-Based Production Company |
News Corp. President & COO PETER CHERNIN will "step away" from the position when his contract expires on June 30, and he will "launch a Fox-based production company later this year, among other ventures," according to Szalai & Kilday of the HOLLYWOOD REPORTER. No immediate replacement was named for Chernin, who heads News Corp.'s Fox television and movie operations. Instead, the L.A.-based Fox businesses will "report directly" to News Corp. Chair & CEO RUPERT MURDOCH (HOLLYWOOD REPORTER, 2/24). In L.A., Chmieliewski, James & Eller report Murdoch "plans to take over day-to-day operations." Chernin's departure leaves News Corp. "without its ambassador to Wall Street and Hollywood, a role that was crucial for the company's stability" (L.A. TIMES, 2/24). The WALL STREET JOURNAL's Ovide & Sanders report Chernin's departure is "expected to give more responsibility to well-regarded entertainment executives" including Fox Filmed Entertainment co-Chairs JAMES GIANOPULOS and TOM ROTHMAN and Fox Searchlight President PETER RICE. Murdoch also is "expected to spend more time" in L.A. Chernin will "take advantage of a six-year production deal in his contract that calls for News Corp. to buy some films he produces," and he also "plans to devote time to entrepreneurial efforts and to Malaria No More," a charity organization for which he serves as Chair (WALL STREET JOURNAL, 2/24). DAILY VARIETY's Littleton & Hayes report Gianopulos and Rothman are "expected to be given expanded responsibilities," and Fox Networks Group Chair & CEO TONY VINCIQUERRA "may also be in line for additional oversight of parts of Fox's TV operations" (DAILY VARIETY, 2/24). In N.Y., Tim Arango writes Chernin's departure "comes at an inopportune time for the company, which has been hit harder by the economic downturn than some of its competitors because of its exposure to the troubled newspaper industry" (N.Y. TIMES, 2/24).
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