Executive Chernin at Newscorp

Peter Chernin, President and COO of Newscorp, has split. The NYTimes has a piece about Murdoch and how his romantic love of print is killing his company (the NYPost alone loses tens of millions a year; he spent way too much on the wsj), but it looks like Chernin’s departure has more to do with simply realizing he’s never going to get to run the Death Star.

Besides, check out his compensation deal:

“Mr. Chernin will likely activate a six-year production deal in his contract that calls for News Corp. to buy some films he produces. Mr. Chernin’s current contract also calls for him to receive $40 million in cash if he leaves News Corp., along with other benefits.”