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Twitter Adds Former News Corp. President to Board
By Douglas MacMillan - Nov 15, 2012 11:01 PM CT
Twitter Inc. is adding Peter Chernin, former president of News Corp. (NWSA), to its board, as the microblogging site seeks to strengthen ties with media companies.
San Francisco-based Twitter confirmed the appointment in a posting on its microblogging service yesterday. Shortly after, Chernin sent his first Twitter posting.
Twitter is building relationships in television, film and publishing as it courts advertisers and grows sales to a projected $1 billion in 2014. In addition to Chernin’s media connections, his experience at a public company could help navigate Twitter to an eventual initial public offering.
After leaving News Corp., he founded Chernin Group LLC, an entertainment group whose first film production was “Rise of the Planet of the Apes.” Providence Equity Partners acquired a minority stake in the company earlier this year for $200 million.
The executive, who also sits on the board of Pandora Media Inc. (P), said last year that he had considered making an offer to buy Yahoo! Inc. (YHOO)
“I’ve been a long-time user of Twitter for news and information,” Chernin said in his Twitter posting. “Happy to be joining board of this very exciting company.”
Venture capitalists Fred Wilson and Bijan Sabet, as well as Flipboard Inc. Chief Executive Officer Mike McCue have stepped down from Twitter’s board in the past two years. Jack Dorsey, a Twitter co-founder and CEO of Square Inc., Peter Fenton of Benchmark Capital and Twitter CEO Dick Costolo remain on the board.
Twitter’s plan to add Chernin as a director was reported earlier by the technology blog AllThingsD.