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Cathleen Black, the new schools chancellor.

We’re live-blogging Mayor Bloomberg’s press conference right now at City Hall, announcing Schools Chancellor Joel Klein’s resignation.

4:11 pm. Bloomberg’s last words to Black, he says, were to the point. “I told her what I tell everyone and that is, don’t screw it up,” he said.

4 pm. Asked what her greatest challenge will be, Black tells the press: ”With the help of the eight deputies in the office, we will spend a good amount of time prepping me and making sure I understand all of the issues thoroughly. The change, the opportunity to make a difference, is really what has compelled me to want this position.”

3:53 pm. The next question is, What about a public search for such a public job? “I did have a public serarch and I picked the best person,” Bloomberg answered, inscrutably. He also said, “In the end, it is the mayor who picks the chancellor.” And he added, “I have looked for people of all backgrounds.”

Also: Who was the first person Black met in this process? Teachers union president Michael Mulgrew, Bloomberg declared.

“Mulgrew has met her,” Mulgrew spokesman Dick Riley just confirmed.

Black’s children went to private boarding school in Connecticut.

3:51 pm. The mayor et. al are now taking questions from the press, starting with, Why not an educator? ”Joel has built an amazing staff of pedagogical experts. That’s not our problem here,” Bloomberg said.

He said the new chancellor’s expertise needed to be dealing with the tough economy. ”Jobs, jobs, jobs. That’s exactly what Cathie Black knows about,” he said.

3:46 pm. Among Black’s first remarks: ”New York has the best teachers in the country.” She is also running through the objectives Bloomberg announced at NBC’s Education Nation event, which did not sound at all different from Klein’s.

“My main goal will be to build on the work of the Bloomberg administration and chancellor klein’s tenure,” she said.

3:45 pm. Klein will remain on until the first of the year to help Black with her transition, Bloomberg said.

3:44 pm Klein to Black: ”I also am comfortable in saying I’m leaving you the best team ever assembled in education.” This seems to indicate that his preference is for the eight deputy chancellors to remain in place after he leaves.

3:40 pm. Klein has accepted an offer form NewsCorp, Rupert Murdoch’s news organization, and will serve as executive vice president and on the board of directors. His main responsibility will be to “put them in the burgeoning and dynamic education marketplace. I do believe, as I said, that that is the future.”

“Cathie, let me congratulate you and thank you for taking on this important assignment,” Klein added, looking to Black, who is wearing black. Just saying.

“I also am comfortable in saying I’m leaving you the best team ever assembled in education,” Klein said to Black. This seems to indicate that his preference is for the eight deputy chancellors to remain in place after he leaves.

3:39 pm. Making his remarks, Klein hasn’t yet mentioned his next plans, although he did say, “To me education will always be at the core of my life’s work.”

3:38 pm. Black is the first woman to lead New York City’s school system, the largest in the country, our resident education historian Philissa Cramer just confirmed from Israel.

3:34 pm. Cathleen Black, who was president at the magazine publishing company Hearst, is the next chancellor of the New York City school systems. “I know the first thing she’ll want to do is reach out toparents, teachers, princpal and and adminsistartors to get the benefit of their wisdom,” Bloomberg said of her. He also said, “She is also someone who has had a long active, e ffort in civic affairs,” including work in youth literacy.

Chancellor Joel Klein exits as schools chancellor. He will move to News Corp, the news organization owned by Rupert Murdoch, where he will expand the company

3:30 pm. In doling out credit, Bloomberg just named several top officials at the Department of Education — but mangled Chief Schools Officer Eric Nadelstern’s name. He also named Deputy Mayor Dennis Walcott and Chief Operating Officer Sharon Greenberger, who is a recent appointee. Sources told me Greenberg was placed at the suggestion of the mayor.