Fox President Peter Chernin, the No. 2 executive to Rupert Murdoch at Fox parent News Corp, will step down when his contract expires in June to become a producer at the company, Web site DeadlineHollywoodDaily.com reports, citing a person familiar with the process who wasn’t identified. As a producer, Chernin’s compensation package, which already includes about $40 million in deferred pay and pension funds, would be one of the largest in the company’s history, the Web site says.
—Danny King