Chernin leaves News Corp.

Rupert Murdoch and his right-hand man (he's president and in charge of the Fox studio and broadcast biz) apparently couldn't agree on contract terms. Exactly why remains a mystery. Chernin was certainly well-paid (an $8.1 million base salary) and among the most respected executives in Hollywood. However, it’s been clear that he has no chance for the top spot; Murdoch wants one of his kids to take over. Also, under terms of his previous contract, he is entitled to a lucrative movie and TV production deal, and as we've seen with "Slumdog Millionaire," making movies can be fun. LAT reports that no immediate successor will be named. Instead, Murdoch will pick up many of Chernin's duties, including oversight of Fox. One obvious question centers on the possible role of James Murdoch, Rupert's youngest son. Here's the FT story.