News Corp. co-chief operating officer Chase Carey resigned Thursday, the company
Most recently, Carey had overseen News Corp.'s global satellite operations
and, before that, he was chairman of Fox Television.
A big part of the satellite strategy, of course, was to buy DirecTV Inc. and spin
off News Corp.'s satellite assets into a separate public entity.
When DirecTV went to EchoStar Communications Corp., it put a major crimp in the satellite strategy
News Corp. had envisioned.
Carey said the time was right to "step back" and think about his next career
move in light of the collapsed DirecTV talks.
"The challenges and opportunities just aren't the same," to build a big
satellite distribution company without the DirecTV piece, he added.
Certainly in the near term, News Corp. will not go forward with an initial
public offering for its satellite assets, Carey said.
Carey and other News Corp. sources confirmed that he and chairman
Rupert Murdoch talked about other possible opportunities within News Corp.
But Carey concluded that none of those opportunities matched the scope of the
satellite business he had hoped to build, nor the future ventures he intends to
Murdoch said he accepted Carey's resignation with "great regret."
While Carey looks for the next new thing, careerwise, he'll remain a member
of the News Corp. board and serve as a consultant to the company for one