Peter Chernin Threatening To Bail On News Corp (NWS)

Henry Blodget | November 14, 2008 5:48 AM

petercherninap1016.jpgRupert Murdoch's No. 2 is in the midst of contract renegotiations. Which is always a good time to talk publicly about how you're thinking of doing something else.

LA Times: New Corp.'s Peter Chernin is wrestling over whether to surrender one of the biggest jobs in entertainment.

For the last 12 years, Chernin has been president and chief operating officer of News Corp. and helped his boss, Chief Executive Rupert Murdoch, reshape the global media empire. But at 57, he's not sure whether to extend his contract for an additional two or three years, or embark on another, less certain, chapter in his career.

Executives within News Corp. say they aren't sure whether Chernin will stay.
Last week, when asked during an earnings conference call with investors and analysts to characterize the status of his contract talks, Chernin initially demurred, then allowed that they were "constructive." Murdoch quickly jumped in. "I would characterize them as constructive and friendly," Murdoch said...Chernin is not interested in signing another five-year contract, which expires in June, according to people close to him.

Instead, Chernin has told friends that if he's going to start something new, now is the time -- before he turns 60. Others, however, interpret his Hamlet-like equivocation as a cagey bargaining ploy.

Chernin declined to comment on the negotiations. But people close to him believe that he will eventually sign a two- to three-year deal.

His decision may be tempered by new realities. The business climate has dramatically changed since he signed his last deal four years ago. There are few if any high-level openings at comparable companies. Investment money, which could back him in a new venture, has dried up. And by all accounts he relishes his job.

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3 Comments

CV said:
The reality of the day may not be as favorable as it was last time he signed his last deal, but one thing I know about people like him is that they relish the top spot. Living under the shadow of Rupert Murdoch can be stifling. This will be an important decision because of his age. Will he re-sign with News Corp and be known as the number 2 man, or will he take on a new opportunity as the top guy? I bet that his ego is big enought that he leaves News Corp.
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