Chernin always knew that he wasn't going to ascend to the 77-year-old's Murdoch's job.
In a memo announcing that Chernin would not be renewing his contract, News Corp.
But Mr Chernin is likely to leave the firm in the next few years.
The current plan is for Mr Chernin to succeed until one of the children is ready.
Most power rested with his father and Peter Chernin, the president and chief operating officer.
Like his competitors, Chernin is war-gaming what cell phones can do for News Corp.
News Corp president and COO, Peter Chernin, recently announced he will step down in June.
"I think we should be striving to create as many businesses ourselves as we can, " says Chernin.
Chambers is the founder and Co-Chairman of Malaria No More, with Peter Chernin, President of News Corporation.
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That was right around the time Peter Chernin, former president of Fox Film Entertainment, introduced Milchan to Rupert Murdoch.
's annual conference in Sun Valley, Idaho, in July, Saban met with Michael Eisner, Peter Chernin and Rupert Murdoch.
But for Murdoch, Chernin's decision gives him the latitude to make News Corp.
Peter Chernin, president of News Corporation, whose Fox network broadcasts the Idol show, rejects such talk as unjustified cynicism.
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Time Warner, The Chernin Group, Bertelsmann, Discovery Communications and Comcast have all invested in companies that create or aggregate YouTube content.
Chernin, according to the Journal, has rejected the idea of being CEO but left open the possibility of serving as chairman.
Murdoch and Chernin would very much like to own the next YouTube, but they are unlikely to be able to buy it.
Bidders reportedly showing an interest in the Sunnyvale, California-based company include Silver Lake, Peter Chernin, Providence Equity Partners, DST Global and Alibaba Group.
Lachlan's responsibilities are now expected to pass to Mr Chernin, and Mr Murdoch will return to being publisher of the New York Post.
The last thing Murdoch and Peter Chernin, his operations chief, needed was to play poker with Saban over the value of Fox Family.
Chernin has one of the most gilded parachutes in Hollywood, and he will be floating into a new movie and television production venture with Fox.
Chernin's exit will leave a big void in Fox's Hollywood presence.
The 57-year-old Chernin has been at the center of speculation for months as negotiations over his contract, which was up for renewal June 30, have languished.
An LBO led by the media investor Peter Chernin, possibly in concert with partner that could include Providence Equity Partners, Microsoft and various investment banks.
Last year News Corp. looked at YouTube when its owners were shopping it for a sum that Chernin says was well below what Google eventually paid.
But in late 2004 Murdoch and Chernin, watching the resurrection of Yahoo, the rise of Google and the shift of ad dollars to the Web, jumped back in.
Whatever the cause, it is clear that Murdoch and Chernin have now invested a great deal of the company's future in DeWolfe and Anderson, who still run MySpace.
Companies reported to be circling the studio include Lions Gate, Time Warner and CBS. Peter Chernin, formerly of News Corp, is also rumored to be considering a bid.
The shakeup comes just two-and-a-half weeks after News Corp announced that another respected lieutenant, President Peter Chernin, would be leaving the media giant when his contract expires in June.
He gets a six-year production deal with Fox with the most favorable terms possible and with the studio promising to buy at least two movies per year from Chernin.
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