Murdochs Get Raises at Fox -- WSJ
September 24 2016 - 3:03AM
Dow Jones News
By Austen Hufford
21st Century Fox Inc. reported higher pay over the past year for
Executive Chairman Rupert Murdoch and his sons, Chief Executive
James Murdoch and Executive Chairman Lachlan Murdoch.
The increase in compensation reflected their new duties, higher
bonuses and changes in pension value.
It was a challenging year for Fox, which saw its share price
fall 17% over the 12 months ended June 30 and reported a 5.7%
decline in revenue as the company deals with changes in how media
is paid for and consumed.
Rupert Murdoch also is executive chairman at News Corp, parent
company of The Wall Street Journal, and Lachlan Murdoch is
co-chairman.
At Fox, Rupert Murdoch received compensation valued at $34.6
million for the fiscal year ended June 30, up 24% from $27.9
million a year earlier. Changes in pension value accounted for much
of Rupert Murdoch's increase, up to $11.1 million from $5.7
million. He also received a higher stock award, according to a
Securities and Exchange Commission filing.
On July 1, 2015, Rupert Murdoch stepped down as chief executive
and his sons assumed elevated roles. Since July, Rupert Murdoch
also has been chairman and acting CEO of Fox News Channel and Fox
Business Network after Roger Ailes stepped down in the wake of a
sexual-harassment scandal.
James Murdoch's pay increased to $26.4 million from $15.1
million a year earlier, when he was chief operating officer. His
salary remained the same, but he received higher stock awards,
bonuses and an increased change in pension value. Lachlan Murdoch
made $23.7 million, compared with the $323,000 he made as a
director.
Fox's cable segment remains the primary driver for the company,
especially as the company's film entertainment segment, which
produces movies and television shows, has disappointed with few
movie blockbusters.
Earlier this year, the head of Fox's Twentieth Century Fox film
studio stepped down, and the company looked to cut costs, primarily
though buyouts at its television group and movie studio.
Fox also said Chase Carey received $29.2 million in compensation
as executive vice chairman, up from $23.2 million the year before.
Mr. Carey stepped down as chief operating officer last year but has
remained at the company as a consultant, among other roles.
Earlier this month, Mr. Carey was named chairman of the Formula
One racing series.
Write to Austen Hufford at austen.hufford@wsj.com
(END) Dow Jones Newswires
September 24, 2016 02:48 ET (06:48 GMT)
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