Daily Variety reported Chernin as saying this phase prompted last month's executive shuffle in which Fox Interactive Media exec, Peter Levinsohn, head of Digital Media for Fox Entertainment Group, replaced his cousin Ross Levinsohn.
Chernin told sources this new phase is less about deals and more about expanding on what the company already has.
When News Corp. purchased MySpace in July 2005, the deal turned News Corp. into an aggressive player in digital acquisitions, Variety said. Chernin said he plans to expand MySpace to include more advertising and an expansion of video.
"I never want to be in a position where I wake up a year from now and MySpace is the same then as it is today," Chernin said.
Daily Variety reported that questions still remain over how News Corp. will manage its complicated relationship with YouTube, which is both a potential partner as well as a competitor.
Notable deaths of 2014 [PHOTOS]