Murdoch Back in Charge

Rupert Murdoch is back in the saddle: The Financial Times reports that Murdoch “will step in and take direct control of the Fox studio and broadcast businesses” after the company’s 12-year president and COO, Peter Chernin, failed to agree to a new contract. Chernin leaves with “one of the richest termination packages in history.” He had insisted in his 2004 contract that, should he leave, News Corp give him a six-year film and television production agreement, obligating News Corp to buy at least two films a year from him. Many suspect his departure will trigger a promotion for Murdoch’s son, James.