Carey Out at News Corp.

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Chase Carey has resigned as co-chief operating officer of News Corp. and as president and CEO of Sky Global Networks, the company reported last week.

Carey, who had spent 15 years in various roles at News Corp., will remain on the company's board of directors and will serve as a consultant through 2002.

Carey's decision to leave comes about three months after News Corp.'s failed bid for Hughes Electronics Corp., parent of DirecTV Inc. News had planned to combine DirecTV with Sky Global, which also includes U.K.-based satellite television company British Sky Broadcasting Inc.

When that deal fell through, the need for Sky Global diminished.

Although Carey did not give a reason for his departure, a News Corp. spokesman said that it was likely tied to the indefinite delay of a planned Sky Global initial public offering.

"Given current market conditions and the delay of [the] Sky Global [IPO], it's not surprising that someone as valuable and competent as Chase has decided to move on," the spokesman said.

In a statement, Carey, 48, said the decision to leave was difficult but "it is the right time for me to take a step back and catch my breath with confidence that only bigger and better things lay ahead for News Corp."

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