News Corp. might lose president/COO

Peter Chernin, president and chief operating officer of News Corp., is currently in talks with the company over a possible new contract, according to the Los Angeles Times.
Sources close to Chernin say that he is considering passing up a new contract in favor of starting a different venture or moving to a different company.

Given the state of the economy, it may be an awkward time for News Corp. to lose Chernin. The company's stock is trading near record lows, closing Thursday at $7.61 a share and down 63% this year. In a recent report, Merrill Lynch media analyst Jessica Reif Cohen cited Chernin's possible exit as a risk factor for the company's shares.

According to the article, it may not be a good time to leave for Chernin, either. He would have a difficult time commanding the same salary and benefits at another company.
The Times quotes Rupert Murdach as saying, "I would characterize [the contract talks] as constructive and friendly."

Click here to read more.