Murdochs get pay cuts at slimmed-down Fox Corp.:
Fox Corp. chairman Rupert Murdoch and Fox Corp. CEO Lachlan Murdoch received significantly less in compensation in fiscal 2020 as compared to the year prior, earning $33.98 million and $29.15 million, respectively. The lower compensation was revealed in a proxy filing Wednesday, and reflects the new corporate structure of Fox, as well as voluntary pay reductions due to the novel coronavirus pandemic..
The new, lower compensation packages for the executives reflect the slimmed-down holdings of Fox Corp., which is built around Fox News Channel, Fox Sports, the Fox TV stations and the Fox broadcast network. The company has also made some acquisitions over the past year, including the animation studio Bento Box, local TV stations in Milwaukee and Seattle, and the streaming service Tubi, among others.
In April in response to the pandemic, senior executives at the company, including both Murdochs, opted to forgo their base salaries through the end of September. According to Fox, the pandemic pay reductions reduced total aggregate compensation by 4% for the executive officers in fiscal 2020. The executives would have seen their pay fall from when the company was 21st Century Fox regardless of the pandemic reductions.
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