After 12 years on the job as an ‘ambassador’ to Wall Street and in Hollywood for Rupert Murdoch‘s News Corp, Peter Chernin is leaving the company.

From LAT:

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.

News Corp. stock is down worse than…you know everybody elses. Hm.

Nikki Finke has her take on it.