Peter Chernin is set to pick up a pay-off package worth some $40 million (£27.5 million) when he leaves News Corp this summer.

But then this is the man who reportedly paid just $2.5 million to take up the distribution rights to Slumdog Millionaire after Warner Bros closed its arthouse arm. Having won eight Oscars this week, Slumdog is well on course to gross more than $100 million at the box office.

Chernin has been at News Corp for 20 years and last year was paid even more than chairman Rupert Murdoch. The 57-year-old's basic pay was $8.1 million but with share bonuses and other incentives his total package was a staggering $28.8 million.

Even though he is leaving, Chernin has done a deal with Murdoch to set up his own "Fox-based" film business, which for the next six years can sell at least two films a year to the empire on terms "at least as favourable" as those director James Cameron got for Titanic - still the biggest grossing film, having taken more than $600 million.

Chernin, who often figures in the top 10 of the most powerful people in Hollywood, was seen by outside investors in News Corp as a calming influence in times of turmoil for the Murdoch family.

He leaves not just with a large cheque but also use of a corporate jet and a company car. Whether his $18,710 country club fees will still be picked up by News Corp is not clear.