Peter Chernin’s departure from News Corp is a reminder that outsize pay packets spread well beyond Wall Street. The media company’s president and chief operating officer was awarded a total package of $28.8m in 2008, more than his boss Rupert Murdoch. But then Mr Chernin, who ran the Los Angeles-based Fox businesses, is acknowledged as being among the best in the industry.

The terms of Mr Chernin’s departure, agreed in 2004, are also lavish. When his contract ends in June, he will enjoy a six-year production agreement with News Corp under which the company must buy two films each year from his independent outfit, on most generous terms. Other perks include use of a corporate jet and car. News Corp’s 2004 negotiations, of course, secured Mr Chernin’s expertise for another five years. They will now get “first look” at his output and must hope that Mr Chernin proves as good a producer as he has manager.