09/08/2008 05:12 am ET Updated May 25, 2011

Peter Chernin, No. 2 At NewsCorp, To Face Decision Soon

In addition to his broader COO duties within Murdoch's sprawling media empire, Chernin also effectively oversees the Hollywood-based Fox film and television businesses that made up the majority of News Corp.'s $5.4 billion in operating profits in the year ended June 30.

And over the past year, as Murdoch has made it his personal mission to revamp recently acquired Dow Jones and its flagship Wall Street Journal, the division of labor between Chernin and his boss seems even more pronounced, people at the company say. So Chernin has a big part of the empire to run.

Appearing on Charlie Rose's PBS show earlier this week, Chernin was asked how long he plans to keep doing what he's doing. "As long as I find it satisfying and interesting," he replied. The context of the question was Murdoch's publicly-stated succession plans. "Rupert has always been very straightforward with me about this," said Chernin, who's been at News Corp. for 20 years. "And based on that, I think I would only have an opportunity to feel wronged if I had been given false promises, which I haven't."

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