 |
| Rupert Murdoch |
Fox Corp. chairman Rupert Murdoch, 90, suffered an 8.4 percent drop to $31.1M in total compensation for fiscal `21.
Son & CEO Lachlan Murdoch, 50, took a 5.1 percent hit to $27.6M.
Both took part in Fox’s “voluntary base salary reduction plan” put into place to deal with the COVID-19 pandemic.
The Murdochs agreed to forgo their base salaries from May 1 until Sept. 30.
They signed agreements acknowledging that the cuts would not be a breach of the employment arrangements, trigger severance or amend or modify the employment pact, according to Fox’s proxy statement for broadcaster’s Nov 10 annual meeting.
COO John Nallen, who earned $12.5M; chief legal & policy officer Viet Dinh ($12.4M); and CFO Steven Tomsic ($7.4M), also participated in the salary reduction plan.
Other key executives reporting to Lachlan took 50 pay cuts from May 1 to Sept. 30.
Vice presidents received 15 percent pay cuts from May 1 through July 31.
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.
