Joshua Rich
February 23, 2009 AT 12:00 PM EST

Peter Chernin, the man charged with overseeing the vast movie and television empire of Rupert Murdoch’s News Corporation, is stepping down from his position as company president, The Los Angeles Times is reporting. Chernin, 57, is seen as a widely admired ambassador for News Corp. in the business and entertainment communities. After stepping down, he is expected to pursue a TV and movie production deal at News Corp.’s Fox studios. No successor has been named.

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