Murdoch senior yesterday said he would personally take control of the and broadcast business, scotching speculation that his son James would be moved to the role.
Chernin, who declined to renew his contract at , has been chief operating officer of the company since 1996 and joined in 1989.
His take-home pay and benefits totalled $28.8m (£19.8m) last year, slightly more than his boss.
Murdoch praised Chernin effusively, describing his contribution to News Corp as "immeasurable" and admitting he would miss him.
While striking out on his own, Chernin will retain some ties with the business he used to run and has received a generous golden parachute under the terms of the contract he signed in 2004 that has kept him at News Corp until now.
This gives him a six-year film and television production deal with News Corp covering at least two films per year, on terms "at least as favourable" as any other production deal signed by Fox before August 2004.
Murdoch said: "Throughout 2009, I will continue to work closely with all of our companies to make sure that we are organised and resourced in the best way to take advantage of this extraordinary point in time."
Chernin will stay on as chairman of the charity .
Picture Credit: David Geller.
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