President Peter Chernin to leave Murdoch's News Corp.

[babylonsister]

President Peter Chernin to leave Murdoch's News Corp.

Chernin has headed Rupert Murdoch's Fox movie and TV operations and been a key link to Wall Street and Hollywood. No successor is named.

By Dawn Chmielewski, Meg James and Claudia Eller
12:06 PM PST, February 23, 2009

Peter Chernin, the highly regarded president of Rupert Murdoch's News Corp. and the executive who has paved the way for the global media giant on Wall Street and in Hollywood, is leaving the company, according to people familiar with the situation.

No immediate successor will be named. Instead, Murdoch, 77, is expected to pick up many of the duties handled by Chernin, including oversight of News Corp.'s Fox movie and television operations.

Chernin's departure, which was finalized over the weekend, comes at a vulnerable time for News Corp., which like other media companies has been affected by the recession and a decline in advertising revenue. News Corp.'s stock is off almost 70% from its 52-week high, a steeper decline than that suffered by media rivals Time Warner Inc. and Walt Disney Co. Investors have reacted negatively to Murdoch's purchase of Dow Jones & Co., owner of the Wall Street Journal, which has seen its advertising plummet.

more...

http://www.latimes.com/entertainment/news/la-fi-chernin24-2009feb24,0,425569.story

[SpiralHawk]

1. "it's the republicon thing to do." - Chernin

http://2.bp.blogspot.com/_v63oTveUEGI/SV43-cB8ZSI/AAAAAAAAHpc/VF2P_X32CbE/s400/rats+deserting+ship.jpg

[napi21]

2. Awe, poor Rupert must be crying at all his losses! TS buddy. Here's

a kleenex, dry your tears then go pout.

[Ikonoklast]

3. After Rupert kicks off, Fox will wither and die.

Their usefulness to the Republic party is declining.