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Rupert Murdoch takes 41.7% pay cut in News Corp
MUMBAI: Media mogul Rupert Murdoch has taken a 41.7 per cent pay cut from his total package as executive chairman of News Corp, following a decline in stock awards.
For the fiscal year ended June, Murdoch’s total compensation was $5.07 million, down from the previous $8.7 million.
Besides Murdoch, CEO Robert Thomson also witnessed a drop in his package, with his total compensation reducing from $12.47 million to $10.29 million.
As per reports, the base salary, which is $1 million for Murdoch and $2 million for Thomson, remained unchanged but stock awards declined 59 per cent for Murdoch to $2.07 million, and his non-equity incentive pay dropped 25 per cent to $2 million.
Meanwhile, stock awards fell 38 per cent for Thomson to $4.45 million, while non-equity incentive pay was up to $3 million from a previous $2.68 million.
CFO Bedi Ajay Singh also had a pay cut with his total pay falling to $4.64 million, from $5.41 million.
News Corp owns ‘The Wall Street Journal’ and other financial news operations, book publisher HarperCollins and other businesses.
‘The Guardian’ reported that the pay cuts came in a year when News Corp swung to a $149-million loss from a $237-million profit a year earlier. Revenues were up 1 per cent to $8.63 billion, but the company’s news and information division has continued to see its revenues decline sharply, down 10 per cent in the fourth quarter alone.
The regulatory filing also said that at News Corp’s annual meeting in New York in October, shareholders would vote on a stockholder proposal to end the company’s practice of using two classes of stocks and instead give each share one vote.
Murdoch’s pay for his work at 21st Century Fox will be disclosed later.