...by paying outgoing News Corp President Peter Chernin a severance package worthy of the Wall Street folks they love to hate.
As part of Mr. Chernin’s severance contract, he will receive lucrative television and movie production deals with the company, as well as perks like a car and driver and the use of a private jet. He received a $34 million pay package last year, according to a filing with the Securities & Exchange Commission.
Mr. Chernin’s TV and movie deals will require Fox to purchase two movies a year, for six years. Mr. Chernin would get use of a corporate jet for 50 hours a year, which the company values at $1.65 million over the life of the contract, and a corporate car, which the company values at $210,000. He might also be entitled to secretarial services worth more than $1 million, depending on how the contract is interpreted.