NEW YORK (Reuters) - News Corp Chief Operating Officer Peter Chernin is not interested in taking over as chief executive of Internet company Yahoo Inc , according to a source familiar with the matter.
Chernin, whose contract with Rupert Murdoch's News Corp expires at the end of the year, is negotiating for a new contract with the international media conglomerate, the Los Angeles Times reported.
Analysts and media industry observers had been floating his name as a replacement to Jerry Yang, who agreed to resign as CEO last month once the company found a replacement.
Yahoo spokesman Brad Williams declined to comment on whether Yahoo's board had approached Chernin.
Chernin's lack of interest in the job was first reported by All Things Digital, which cited a source. All Things Digital is a blog owned by Dow Jones & Co, a unit of News Corp.
Other names that have been suggested for the Yahoo CEO slot include Jonathan Miller, former chief executive of Time Warner Inc's
Yahoo co-founder Yang agreed to give up his CEO post after investors criticized him for management missteps.
In May, Microsoft Corp
Yahoo's core online display advertising business has also suffered as advertisers scaled back spending amid the worsening economic slump.
Yahoo has lost market share to search engine rival Google Inc
Yahoo's shares fell 1 percent in after-hours trading after closing up 5.5 percent to $11.66 on the Nasdaq stock market. News Corp shares fell less than 1 percent to $8.20 in after-hours trading after rising 5.4 percent to close at $8.26 on the New York Stock Exchange.
(Reported by Robert MacMillan and Anupreeta Das; editing by Carol Bishopric, Gary Hill)
