Peter Chernin will no longer remain at News Corp. But why is he leaving? And who will be his successor?
Raising a toast to goodbye seems to be the flavour tailored for this season, across boards, and across companies; and even the big boy of the media world, News Corporation stands as a no exception. The company’s second in command (only after Chairman and CEO, Rupert Murdoch) Peter Chernin, President & COO, News Corp, has decided to step down after his two decade-long stint at the company. So what led to Chernin’s decision? And more importantly, who will fill in the void once Chernin moves out in June 2009?
Chernin, famous as one of the most ‘powerful’ executives in the media world, was promoted to the post of President and COO after seven years of his service at News Corp, and today has earned great repute, so much so that many in the media refer to him as Murdoch #2 or News Corp #2. Chernin’s biggest strength was his keen eye for the right assets, and thanks to him, News Corp acquired many right assets at the right times. He took Fox Film Studios to the pinnacle of success and supervised everyone with the production of the world’s highest grosser ever – Titanic. He was involved in the launch of Fox Network’s biggest show ‘American Idol’ which continues to be the most watched TV show in US even in its eighth season. His other significant achievements include the MySpace buyout, negotiating the writer’s guild strike and the more recent deal with NBC Universal to launch a free online video destination named Hulu. Acknowledging Chernin’s contributions, even Rupert Murdoch has said, “Peter’s contributions to the company over the past two decades have been immeasurable.” But that is where the trouble starts; knowing that you can never become the top guy, with Murdoch around?
Raising a toast to goodbye seems to be the flavour tailored for this season, across boards, and across companies; and even the big boy of the media world, News Corporation stands as a no exception. The company’s second in command (only after Chairman and CEO, Rupert Murdoch) Peter Chernin, President & COO, News Corp, has decided to step down after his two decade-long stint at the company. So what led to Chernin’s decision? And more importantly, who will fill in the void once Chernin moves out in June 2009?
Chernin, famous as one of the most ‘powerful’ executives in the media world, was promoted to the post of President and COO after seven years of his service at News Corp, and today has earned great repute, so much so that many in the media refer to him as Murdoch #2 or News Corp #2. Chernin’s biggest strength was his keen eye for the right assets, and thanks to him, News Corp acquired many right assets at the right times. He took Fox Film Studios to the pinnacle of success and supervised everyone with the production of the world’s highest grosser ever – Titanic. He was involved in the launch of Fox Network’s biggest show ‘American Idol’ which continues to be the most watched TV show in US even in its eighth season. His other significant achievements include the MySpace buyout, negotiating the writer’s guild strike and the more recent deal with NBC Universal to launch a free online video destination named Hulu. Acknowledging Chernin’s contributions, even Rupert Murdoch has said, “Peter’s contributions to the company over the past two decades have been immeasurable.” But that is where the trouble starts; knowing that you can never become the top guy, with Murdoch around?
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Professor Arindam Chaudhuri – A Man For The Society….
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