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| Rupert Murdoch |
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.
Trump Media and Technology Group Corp. has replaced CEO and former California Congressman Devin Nunes with Kevin McGurn, a seasoned media sales executive.
The Pittsburgh Post-Gazette is being bought by the Venetoulis Institute for Local Journalism, a nonprofit that is the parent organization of the Baltimore Banner... The British Broadcasting Corporation is axing approximately 2,000 jobs, about 10 percent of its work force... Snap, the company behind Snapchat, is also succumbing to layoff fever, announcing plans to lay off 16 percent of its employees, about 1,000 people.
CBS News Radio will go off the air on May 22, part of the axe-swinging managerial plan put into play by CBS editor-in-chief Bari Weiss... The Economist, which was first published in 1843, is changing hands. Canadian billionaire Stephen Smith has agreed to acquire a 26.9 percent stake in the publication from Lady Lynn Forester de Rothschild, her family and family foundation... Nexstar Media Group says it has closed its acquisition of TEGNA, the broadcast, digital media and marketing services company that was formed in 2015, when the Gannett Company split into two publicly traded companies.
USA TODAY brings on Jamie Stockwell as VP of news, effective March 30. Stockwell was most recently deputy managing editor of news for the Washington Post... YouTube expands its likeness detection capabilities to a pilot group of government officials, journalists and political candidates... The AP Fund for Journalism adds 50 news organizations to its local news program, bringing the total number of participating newsrooms to 100. 
Versant Media Group, the NBCUniversal cable TV spin-off, today reported its first financial results as 2025 revenues dipped 5.3 percent to $6.7B and standalone EBITDA dropped 9.1 percent to $2.2B.
