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. 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.
Rupert Murdoch is expected to take over Chernin’s duties when his contract expires June 30.