No Mouse Ears for Chernin
The day after Walt Disney Co. Chairman George Mitchell said that the Disney board expects to name a successor to Michael Eisner by June, one of the persons most often mentioned to fill that job appeared to take himself out of the running. News Corp President Peter Chernin said during a conference call, "Look, I'm very happy here. ... I continue to believe that this is the strongest media company with the strongest growth. I just signed a new contract, and this is where I intend to keep working." Chernin's comments came in a joint discussion with News Corp Chairman Rupert Murdoch about the company's latest quarterly report, which showed strong performances by the 20th Century Fox studio unit and its home video sidekick. Even with heavy costs incurred during the move of the company's headquarters from Australia to the U.S., net profits grew to $386 million, 80 percent higher than the year-ago period. Gross revenue was up 18 percent to $6.6 billion.