It's Official: Carey To Leave DirecTV, Succeed Chernin At News Corp.
This story was written by Staci D. Kramer.
Updated: Rupert Murdoch wanted Chase Carey back at News Corp (NYSE: NWS). as his second in command and he's got him. Carey, who was a senior executive at News Corp. for 15 years with roles spanning the media empire, returns after six years as CEO of DirecTV (NYSE: DTV). Originally, we reported that Carey's title would be vice chairman but it will be much more than thathe'll take on Peter Chernin's role as president and COO and his seat on the board, effective July 1, but also will be deputy chairman. Carey will have "oversight of News Corporation's global operations." He will be based in New York along with other corporate execs; Chernin was based in Los Angeles and focused on the entertainment properties that had the same global oversight.
The announcement follows a DirecTV board meeting earlier this week to discuss how to handle Carey's desire to leave before his contract expires at the end of 2010. DirecTV was majority owned by News Corp. when Carey went over in 2003; part of his mission there was to facilitate the transfer to John Malone's Liberty Media (NSDQ: LINTA) in exchange for News Corp.
Murdoch's mix: Murdoch recently added high-profile outsider Jon Miller as head of digital operations. Miller brings a fresh outlook to News Corp. and a different palate of experience that the other executives Murdoch calls on for advice. Carey gained top-level experience at DirecTV but is also an insider. Murdoch described him in the announcement "as one of my closest advisors and friends for years." That comes with some baggage internally, but he's likely to be well received by News Corp. execs who prefer to see an alum in the #2 slot rather than an outsider. It should be a good mix for Murdoch.
By Staci D. Kramer