They say that behind every man’s success there is a woman who plays a very significant role. We are not quite sure about the woman, but one thing we definitely know, is that Media Baron Rupert Murdoch had a man, named Peter Chernin behind his success. Murdoch’s company News Corporation will miss the man, who for the last twelve years was a part of the company’s booming Film and Television Production business.
Rupert Murdoch referred to Chernin as an esteemed colleague and a sincere friend. For the past 12 years the journey for Murdoch had been easy considering that the responsibility was majorly on the shoulders of Peter. Today when the company is feeling his void, the speculated successor could be Murdoch senior’s son James Murdoch, who is slowly climbing the ladder of his father’s empire. James today handles the business of News Corp’s European and Asian assets.
Peter Chernin the President and the Chief Executive Officer of News Corp decided to step down from his work post to start a Film and Television Production Company in alliance with FOX. Although in speculation James seems to be leading but if recent reports are to be believed then Murdoch senior is planning to replace peter, and work out the other details.
It is sad to see that Murdoch this year is quite unfortunate, with having to cope with global consumer downturn and at the same time when he is trying hard to reduce expenditure across his business which includes The Sun Newspaper and a whooping stake of around 39 percent stake in BskyB, he lost his most trusted aide, Peter Chernin.
Peter may be resigning from a prestigious post but his departure package includes $27m (#18.6M) in deferred pay and $11m as his pension package which came to him due to his earlier tenure with FOX before he took on to his existing job.
Other than this , since peter has also signed a six year contract with News Corp , Fox will have to buy a certain number of films ad televisions programmes from News Corp as mentioned in the contract.
