News Corp. (NWS) President Peter Chernin is leaving the company, sources told The Wall Street Journal and The Los Angeles Times on Monday.
Chernin’s contract with the company was to expire on June 30, and he and News Corp. Chairman Rupert Murdoch had been negotiating terms, but were apparently unable to reach an agreement.
Chernin, 57, runs News Corp.’s television and film production businesses in Los Angeles, one of the largest within the company. News Corp. also owns FOXBusiness.com.
An announcement about Mr. Chernin’s departure is expected later Monday, according to people familiar with the matter. A News Corp. spokeswoman did not immediately return a call seeking comment.
One of Chernin’s last jobs at News Corp. earlier this month was reporting the media giant’s previous quarter earnings, a period in which News Corp. lost $6.4 billion, most of due to asset writedowns.
Analysts had predicted he might leave.
“While Chernin has not signaled his intent, we fear the longer time goes by, the less likely he is to renew his contract,” wrote Pali Research analyst Richard Greenfield in a recent report.
Greenfield said Chernin’s departure could foreshadow other shifts in leadership positions at News Corp.
The company’s stock has fallen nearly 70% in the past year.
News Corp. is the parent company of FOXBusiness.com.
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