(News Corp) Chernin's golden (diamond-encrusted, platinum-gilded) parachute

[Swagman]

Source: crikey.com.au

Wednesday, 25 February 2009
Adam Schwab writes:

News Corp announced yesterday that Chief Operating Officer and Rupert Murdoch’s long-time right-hand man, Peter Chernin, will step down from his role when his contract expires on 30 June this year. Chernin, who joined News Corp in 1989, will launch a Fox-based production company later this year, among other ventures.

Many analysts consider the loss of Chernin to be a significant blow to News Corp. The executive initially oversaw the successful Fox television network, later heading Fox Filmed Entertainment during the time Titanic was released. However, despite his successes, Chernin is believed to have clashed with Murdoch, especially in recent times. Today, Neil Chenoweth noted that Murdoch’s biographer, Michael Wolff, claimed last week that “Chernin had taken to describing… Lachlan, Elisabeth and James (Murdoch) as ‘the cretins’”.

In the past five years, Chernin has been one of the highest paid executives of an Australian-listed company (while News Corp re-domiciled in Delaware in late 2004, it retains an ASX listing), receiving remuneration of more than US$147 million (AUD$226 million). During that time, News Corp shares have slumped by around 55%. In addition, Chernin is able to receive a significant payment from News Corp even in the event of a voluntary resignation.

(snip)

Last year, in an interview with Glenda Korporaal in The Australian Magazine, Rupert Murdoch stated that he "wouldn’t defend some of obscene payments that have been made in the past 12 months.” That is probably just as well. For even Rupert may have difficulty defending giving his COO remuneration of US$147 million, a termination payment of at least US$29 million and a six-year motion picture agreement, while the company last month announced a US$10 billion loss and its shares have dropped to levels last seen in 1993.

Read more: http://www.crikey.com.au/Business/20090225-Chernins-golden-parachute.html

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rats deserting a sinking ship

[MadBadger]

1. CHernin the Rat who gave money to the CA Dem Party, Hillary, Obama, and Franken?

That rat?

http://fundrace.huffingtonpost.com/neighbors.php?fname=peter&lname=chernin&search=Search&type=name

[Swagman]

2. yeh..covering his bases--also gave you Fox News !!

up to you whether he has helped or hindered :shrug:

Remember Murdoch also supported Bush & Blair and was the leading cheer leader for war..then switched to Clinton & Obama (when he clearly knew one would win the presidency). He preferred Clinton but said "Obama would sell more newspapers".

Chernin was right there beside Murdoch giving him invaluable advice...I'm trying to think of the word for it??

oh yes that's it-amoral.

[MadBadger]

4. He was in charge of Fox Television (Not FNC) and 20th Century Fox Studios

Not everybody who works for News Corp is a crazy Right Winger. So dont treat them like they are all the same.

[Swagman]

5. "The executive initially oversaw the successful Fox television network, "

undoubtedly there are some fine and honest people working for Fox and Murdoch..but his right-hand man ?-the one who advises him on what path to take ?..who advises on what political party to support as Chernin did in Australia when all Murdoch newspapers supported the Bush accolyte John Howard for 10 years and then ditched him when it was apparent he would lose office ?

You need to have followed Chernin's career-Murdoch isn't the great genius he likes us to believe he is-his cleverness is in hiring the right people...$30,000 donated to the Democrats doesn't absolve Chernin from supping with the devil.

we ain't talking about a Fox cameraman or office cleaner here.

But as I said -it's up to you!

[MadBadger]

6. The man is a Democrat. Murdoch does what he want when it comes to his papers

Chernin is not the boogeyman you make him out to be. I mean, He Donated to Franken! C'mon now!

[Swagman]

8. And Murdoch couldn't survive without like-minded henchmen

For God's sake man-do you really really think the man who implements every Murdoch policy should be absolved because he donataed to a
cause you like ? (and surely Franken won on his own merit).

My description-"rats leaving a sinking ship" is apt. News Corp is in serious trouble and those who can slide away are doing so-unlike the mass of workers who need their weekly wage.

You need to know more of Chernin's reputation in Australia-Murdoch decribed him as "a brilliant strategist who can cut throats, hide the bodies and have the boardroom clean for my arrival "

your sympathy should be directed at the tens of thousands of small workers who invested their life savings in superannuation funds who in turn invested in News Corp when it was headquarted in Adelaide , Australia where regulators could read the books.

Not so now-because of Peter Chernin.

[Swagman]

7. OK-I'll be much kinder (not that I called him "a crazy right-winger")

the privileged classes are taking the precious seats in the lifeboats as the Titanic News Corp sinks and leaving the lower class workers on-board.

As Murdoch slashes 1000's of jobs on all his newspapers-sub-editors (outsourced to India), young journalists etc (all with mortgages), his closest advisor walks off with up to $300M !

There is a reason News Corp is domociled in Delaware which has laws where a corporations book's can be kept closed to those who wish to inspect them-like the huge supperanuation funds that have invested in News Corp shares and rightfuly should be able to inspect them. A move overseen by Peter Chernin.

He doesn't need or want your support.

[Swagman]

9. I humbly apologise ! I didn't know Murdoch was a Democrat as well

Of all the presidential candidates on either side of the aisle, Clinton is the only hopeful who got Murdoch (both shown below) to reach into his ample wallet.

He was so gaga for her he hosted a lavish fund-raiser in the summer of 2006 to stuff Clinton's Senate reelection war chest - a mere piggy bank compared to the White House run.

Murdoch's love of Clinton is shared by his son and heir apparent, James, who ponied up $2,300 for Clinton's primary run and another $1,150 for the general election.
http://www.nydailynews.com/gossip/2008/02/04/2008-02-04_rupert_murdoch_bucks_new_york_post_donat-2.html
***********************************************

All this nasty talk of Murdoch and his advisors is just spread by disgruntled and disaffected fomer News Ltd employees (like me ) who one day found their wages were being deposited into their bank accounts by a new corporation and upon examination-found they were now "contractors" , as opposed to empoyees ,of a new corporation, co-incidently owned by News Ltd.

Upon approaching the union and after lawyers being consulted etc-these whining workers had actually failed to read the small print of their original contracts that gave our empoyer,the right to take this action.

And as our previous hard fought for conditions vanished over the next few weeks-and then the biggest moaners (like moi) found their "contract" status terminated with no legel redress or even one little weeks pay (where previously we were entitled to 2 months plus compensation)..we became embittered defamers of the "Democrat" Rupert Murdoch and the "Democrat" who devised this wondrous scheme..Peter Chernin.

Really-Chernin's donations to Franken and Murdoch's donations to Hilary were our wages!:nopity:

[aquart]

3. Must be hard on Murdoch to give a fortune to one who calls him a "cretin."