News Corp president and chief operating officer Peter Chernin is to leave the company and chief executive Rupert Murdoch is to assume most of his duties.
The news has not been confirmed by News Corp but is being reported widely, including in the Wall Street Journal, a publication owned by the company.
Chernin has been with News Corp since 1989 and has been president and COO since 1996. He joined as president of entertainment of the Fox Broadcasting Company and has been heavily identified with the Fox film and television operations.
He signed a new five year contract in August 2004. At the time of signing Murdoch said: “Peter has been a close and trusted colleague for more than a decade… he has done a superb job growing and operating our core entertainment business.”
In November News Corp reported a £4.3 billion loss for the three months to December 31 http://www.marketingweek.co.uk/cgi-bin/item.cgi?id=64201&u=pg_dtl_art_news&m=pg_hdr_art earlier this month due to falling advertising revenues.
James Murdoch is currently news Corp’s Europe and East Asia chairman and chief executive. He recently instigated a review of News group Newspapers operations by the Boston Consulting Group.