New York, NY- February 23, 2009 –
News Corporation Chairman and Chief Executive Officer Rupert Murdoch today
announced that Peter Chernin, the Company’s President and Chief Operating
Officer and CEO of the Fox Group, will step down when his contract expires
on June 30, 2009. The Los Angeles-based Fox businesses will report directly
to Mr. Murdoch upon Mr. Chernin’s departure.
“Peter’s contributions to the Company over the past two decades have been
immeasurable. He has led important businesses and nurtured talented
managers,” said Mr. Murdoch. “We are fortunate to have such a strong and
seasoned group of leaders at our Fox companies and we are confident that our
success will continue. To that end, Peter and I will work closely over the
next four months to ensure an effective transition.”
“Peter is a valued colleague and a trusted friend. There are few executives,
at any company, that combine his maturity, his experience, and his skills as
a communicator and leader – I will miss him. It is understandable that at
this stage in his life he would want to do something new after serving News
Corporation and our shareholders so well for so long.”
Commenting on his departure, Mr. Chernin said: “This was a difficult
decision for me. Next week marks my 20th anniversary with News Corporation
and the Company has been a huge part of my life. During my years here I have
had the great privilege to work for one of the true visionary leaders of our
time, Rupert Murdoch. As a leader, Rupert is unparalleled. He is bold,
entrepreneurial, innovative, creative and incredibly supportive. As a
partner and friend he has been inspiring, fascinating, and most of all,
tremendous fun.
The other great privilege of these years has been to work with all of my
colleagues around the world at News Corp. I owe more to them than I can
possibly express. Collectively, they represent the best in this industry.
They have built great businesses, created new models and redefined existing
franchises. Above all, they are individuals of unmatched character and
collegiality.
I will miss Rupert and my colleagues deeply. But I have no doubt they will
continue to thrive without me.”
Mr. Chernin will launch a Fox-based production company later this year,
among other ventures. In addition, he will continue his efforts as Chairman
of Malaria No More.
Mr. Chernin, 57, joined News Corporation in 1989 and has served as President
and Chief Operating Officer since October, 1996. During his two decades with
the Company, Mr. Chernin headed both Twentieth Century Fox Filmed
Entertainment and, earlier, the Fox Broadcasting Company.
News Corporation (NASDAQ: NWS, NWSA; ASX: NWS, NWSLV) had total assets as of
December 31, 2008 of approximately US$50 billion and total annual revenues
of approximately US$33 billion. News Corporation is a diversified global
media company with operations in eight industry segments: filmed
entertainment; television; cable network programming; direct broadcast
satellite television; magazines and inserts; newspapers and information
services; book publishing; and other. The activities of News Corporation are
conducted principally in the United States, Continental Europe, the United
Kingdom, Australia, Asia and Latin America.
Contact:
Teri Everett 212-852-7070
Julie Henderson 310-369-0773