Chernin's quiet goodbye

News Corp.'s separation deal with former Chief Operating Officer Peter Chernin has amazingly little information, posts Michelle Leder at footnoted.org. "You'd be hard pressed to find a single number in the letter since most of that seems to have been 'separately provided,'" she notes. That not only includes the big stuff - stock options, deferred compensation and details of his production deal with News Corp. - but seemingly minor matters, such as the amount of accrued vacation time.

We're not securities attorneys or corporate secretaries, but it seems to us that given Chernin's role with the company, this meets the materiality test and investors ought to be able to know the details of whatever the arrangement is. That's certainly how most other companies work. Indeed, we'd be hard-pressed to recall another agreement that says so little.

What's weird about the filing, however, is that it does include Chernin's personal street address in Santa Monica.