News Corp.: Chernin Is Leaving, WSJ Says

News Corp. (NWS) President and COO Peter Chernin plans to leave the company, the Wall Street Journal reports. There has been rampant speculation on the possibility that Chernin might leave; the chief of the company’s TV and movie business was well liked on the Street and his departure is not likely to be well received. The Journal reported that an announcement about Chernin’s departure from the company is likely later today. The story said his contract calls for a $40 million cash payout up on his departure, as well as a six-year production agreement to buy films he produces. In late trading, NWS is down 14 cents, or 2.2%, go $6.25. Disclosure : News Corp. owns Dow Jones, publisher of the WSJ, Barron’s and this blog. (link)