Fox Corp. slashed the 2020 compensation of chairman Rupert Murdoch and his executive chairman/CEO son, Lachlan, in the aftermath of the sale of its entertainment assets to Walt Disney Co. in March 2019.
Rupert took a 19.3 percent cut to $33.4M, while Lachlan suffered a 30.8 percent reduction to $29.2M, according to Fox's proxy statement for the Nov. 12 annual meeting set at the Zanuck Theatre at the Fox Studio Lot in Los Angeles.
The document hails 89-year-old Rupert as " the driving force behind the evolution of the Company from the single, family-owned Australian newspaper he took over in 1953 to the global public media and entertainment company that was 21rst Century Fox and that, through his vision and efforts, he most recently transformed into the focused news, sports and entertainment company that is FOX today."
The pay package of Lachlan, 49, stacks up against the total $81,301 compensation of the median Fox employee, a 359 to 1 ratio.
Fox's fiscal 2020 (ended June) revenues jumped eight percent to $12.3B. Net income plummeted 37.3 percent to $999M.