03/16/2009 05:12 am ET Updated May 25, 2011

Peter Chernin's Uncertain News Corp Future Worries Company, Wall Street

Rupert Murdoch has returned from Australia, where he celebrated his mother's 100th birthday. Now the mogul faces another important date.

The contract for Murdoch's chief lieutenant, News Corp. President Peter Chernin, expires June 30, and the two executives have been locked in negotiations for months. They haven't struck a deal, and concern is mounting inside the company, and on Wall Street, that Chernin will not renew.

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