Peter Chernin Signs New Contract at News Corp.

Jul 29, 2004  •  Post A Comment

News Corp. President and Chief Operating Officer Peter Chernin has signed a new employment contract with the media giant that keeps him in place as Chairman Rupert Murdoch’s No. 2 for another five years, the company said Thursday.

The move lays to rest speculation that swirled earlier this year about Mr. Chernin leaving News Corp. to join another media company, most notably the top spot at The Walt Disney Co., whose current CEO, Michael Eisner, has been the subject of a months-long shareholder revolt.

Specific details of the new contract were not provided, and the company had not yet filed a copy of the contract with the Securities and Exchange Commission. The contract is effective Aug. 1.

Mr. Chernin has been an essential player in the News Corp. executive suite for years, managing the company’s film and TV operations. He was a key player in News Corp.’s successful bid to buy a controlling stake in DirecTV Group and did battle with Cox Communications CEO Jim Robbins over programming fee hikes for the Fox Sports Networks channels, ultimately scoring a 10 percent price hike.

At 52, Mr. Chernin has been with News Corp. since 1989 and has served as president and COO since 1996.