After hours of tom-tom beating, it’s official—News Corp President and COO Peter Chernin will leave on June 30, when his current contract expires. As expected, Chairman and CEO Rupert Murdoch did not announce a successor; the LA-based Fox businesses will report to him following Chernin’s departure. Murdoch’s statement from the announcement (full text after the jump): “Peter’s contributions to the Company over the past two decades have been immeasurable. He has led important businesses and nurtured talented managers. We are fortunate to have such a strong and seasoned group of leaders at our Fox companies and we are confident that our success will continue.  To that end, Peter and I will work closely over the next four months to ensure an effective transition.”

Also as expected, Chernin will launch a Fox-based production company later this year—the statement adds “among other ventures.” The production company is among the benefits spelled out in the generous severance package currently on file; I’m assured the package stands. some of those details could be different in the final package, of course. Chernin, 57, joined News Corp (NYSE: NWS). in 1989, becoming president and COO in 1996 following stints as the head of Twentieth Century Fox Filmed Entertainment and the Fox Broadcasting Company.

During most of that 20 years, he has been the company’s lead entertainment exec but with influence and impact across News Corp. Some of his entertainment acumen was on view during the Academy Awards Sunday night, when Slumdog Millionaires won eight Oscars: the film was distributed by Fox Searchlight, the “indie” film unit he helped establish.

Peter Chernin to Step Down as President and COO of News Corporation on June 30, 2009

New York, NY- February 23, 2009 – News Corporation Chairman and Chief Executive Officer Rupert Murdoch today announced that Peter Chernin, the Company’s President and Chief Operating Officer and CEO of the Fox Group, will step down when his contract expires on June 30, 2009.  The Los Angeles-based Fox businesses will report directly to Mr. Murdoch upon Mr. Chernin’s departure.

“Peter’s contributions to the Company over the past two decades have been immeasurable. He has led important businesses and nurtured talented managers,” said Mr. Murdoch.  “We are fortunate to have such a strong and seasoned group of leaders at our Fox companies and we are confident that our success will continue.  To that end, Peter and I will work closely over the next four months to ensure an effective transition.”

“Peter is a valued colleague and a trusted friend.  There are few executives, at any company, that combine his maturity, his experience, and his skills as a communicator and leader – I will miss him.  It is understandable that at this stage in his life he would want to do something new after serving News Corporation and our shareholders so well for so long.”

Commenting on his departure, Mr. Chernin said:  “This was a difficult decision for me.  Next week marks my 20th anniversary with News Corporation and the Company has been a huge part of my life.  During my years here I have had the great privilege to work for one of the true visionary leaders of our time, Rupert Murdoch.  As a leader, Rupert is unparalleled.  He is bold, entrepreneurial, innovative, creative and incredibly supportive.  As a partner and friend he has been inspiring, fascinating, and most of all, tremendous fun.

The other great privilege of these years has been to work with all of my colleagues around the world at News Corp.  I owe more to them than I can possibly express.  Collectively, they represent the best in this industry.  They have built great businesses, created new models and redefined existing franchises.  Above all, they are individuals of unmatched character and collegiality.

I will miss Rupert and my colleagues deeply.  But I have no doubt they will continue to thrive without me.”

Mr. Chernin will launch a Fox-based production company later this year, among other ventures.  In addition, he will continue his efforts as Chairman of Malaria No More. 

Mr. Chernin, 57, joined News Corporation in 1989 and has served as President and Chief Operating Officer since October, 1996.  During his two decades with the Company, Mr. Chernin headed both Twentieth Century Fox Filmed Entertainment and, earlier, the Fox Broadcasting Company. 

• Mermo From Peter Chernin: Departure ‘Not A Decision That Came Easily’
• The Chernin File: His Salary, Severance Package And Movie Deal
• Updated: Chernin Watch: News Corp. COO Leaving; No Immediate Successor