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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.
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Barry Pollack, an attorney at Wall Street’s Harris St. Laurent & Wechsler, has registered Julian Assange as a client with the Justice Dept. “out of an abundance of caution.”
Paramount Global to slash 800 jobs in what chief executive Bob Bakish calls part of an effort to “return the company to earnings growth"... Rolling Stone editor-in-chief Noah Shachtman is exiting at the end of the month due to disagreements with chief executive Gus Wenner over the direction the magazine is taking... The New York Times broke the $1 billion barrier in annual revenue from digital subscriptions in 2023... Press Forward is investing more than $500 million to strengthen local newsrooms.
The majority of news articles are read within the first three days of publication, according to a recent report.
The Los Angeles Times gives pink slips to 115 people or 20 percent of its newsroom staff... TIME is also laying off about 30 employees, which is approximately 15 percent of its editorial staff... The Baltimore Banner, which was launched by Stewart Bainum in 2022 after he failed to buy the Baltimore Sun, added 500 subscribers per day in the three days following Sinclair Broadcast Group's deal to purchase the Sun.
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