Rupert Murdoch’s Payday Hits $23M in Final Full Year Atop Fox Corp., Lachlan Murdoch Scores $21.7M

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Rupert Murdoch and son Lachlan received $22.9 million and $21.7 million in compensation packages from Fox Corp. in the fiscal year that ended June 30, 2023, the parent company of Fox News has revealed.

It will be the final full year in which Rupert Murdoch led the company as chairman, as he will step down and become chairman emeritus effective Nov. 17, the day of the company’s annual meeting.

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Rupert Murdoch, Fox’s chairman, received a compensation package worth $22.9 million in the latest fiscal year, compared with $18.4 million in the year before and $31.1 million two years ago.

Lachlan Murdoch, Fox’s executive chairman and CEO, received a pay package totaling $21.7 million, flat from a year earlier and down from $27.7 million in the year before that.

Fox also said that two of its board members, Anne Dias and Jacques Nasser, will also leave the board in November, and is nominating former Australian Prime Minister Tony Abbott and Magic Leap CEO Peggy Johnson to replace them. The departure of Nasser means that the company will need to elect a new lead independent director.

Fox provided the compensation details in a regulatory filing for the Murdochs and other top executives, including chief operating officer John Nallen (who received $10.7 million in the fiscal year), CFO Steve Tomsic (who earned $6.9 million, and Viet Dinh, the company’s legal and policy chief (who earned $10.7 million), who will exit the company later this year. The company’s assets include Fox News, Fox Sports, the Fox broadcast network, TV stations and streaming service Tubi.

Rupert Murdoch also serves as chairman of News Corp., which owns The Wall Street Journal and a majority stake in Australian pay TV giant Foxtel, among others.

The proxy filing also disclosed that the board is weighing whether to create a “risk oversight committee,” an ask that came from shareholder Arjuna Capital after the Dominion settlement.

“The Company has retained the law firm of Cleary Gottlieb Steen & Hamilton LLP (“Cleary”) to analyze and report on the Board’s existing risk oversight governance and practice, the allocation of responsibilities among the Board’s committees and the potential merits of establishing a standalone risk oversight committee,” it wrote in the proxy. “Following Cleary’s delivery of the findings of its assessment and deliberations of the Board, the Board will disclose the key results of the report, including the rationale as to why or why not the Company will establish a risk oversight committee.”

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