Murdochs Get Pay Cuts at Slimmed-Down Fox Corp.

Rupert Murdoch and Lachlan Murdoch
Drew Angerer/Getty Images

Rupert Murdoch (left) and Lachlan Murdoch

Fox Corp. chairman Rupert Murdoch and Fox Corp. CEO Lachlan Murdoch saw their pay fall to $33.98 million and $29.15 million respectively, reflecting the smaller size of the company and voluntary pay reductions due to the pandemic.

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.

In fiscal 2019, both Rupert and Lachlan Murdoch had earned $42.1 million in compensation. Those pay packages included a portion of the year in which the Murdochs still controlled 21st Century Fox, which sold its entertainment assets to Disney in a deal that closed in March 2019.

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 percent 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.