Peter Chernin, President of News Corp and a long-time associate of media baron Rupert Murdoch, will be leaving the company once his contract expires in June this year.
The 57-year-old Chernin would be stepping down as President and Chief Operating Officer of News Corp, a post he has been holding since 1996. He is also Chief Executive Officer of the Fox Group.
His contract is to expire on June 30.
"The Los Angeles-based Fox businesses will report directly to Murdoch upon Chernin's departure," News Corp said in a statement.
During his two-decade-long stint with News Corp, Chernin headed both Twentieth Century Fox Filmed Entertainment. Earlier, he was also in charge of Fox Broadcasting Company.
"...Chernin attended the Academy Awards Sunday night, where 'Slumdog Millionaire', a film released by a unit of the News Corporation that he oversees, won best picture," the New York Times said in a report.
His move to step down comes at a time when the media conglomerate is facing tough times in the wake of the global financial meltdown.
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