Chernin Out at News Corp?
Wow. After weeks of speculation — which generally concluded Chernin would end up re-signing at the last minute — the LA Times is reporting that Peter Chernin, president of News Corp. will be leaving the company.
Per the LAT:
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.
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