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The Murdoch family behaves like bandits.
Rupert, Lachlan and James Murdoch were generously rewarded for their decision to sell much of their vast media empire to the Walt Disney Company in a deal valued at $ 71.3 billion. The three family members got massive increases on the eve of the completion of the merger – it should be noted that an agreement is expected to result in thousands of lost jobs.
According to public documents, Rupert Murdoch's compensation program reached $ 49.2 million in salaries, bonuses and other rewards. That was almost double the $ 29.3 million he had brought in the previous year. Murdoch is co-chairman of 21st Century Fox's board of directors, a conglomerate that includes 20th Century Fox, FX and Nat Geo among its assets.
Lachlan Murdoch, the other executive chairman, also received an increase. His compensation has risen to $ 50.7 million from $ 20.6 million in 2017. Lachlan and Rupert Murdoch will oversee other parts of the family media empire that will not travel to Disney. These channels, including Fox News and Fox Broadcasting, are being rebuilt into a new company called "New Fox".
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James Murdoch, CEO of 21st Century Fox, will not travel with his father and brother. But he had a coup de send. James Murdoch's total compensation climbed to $ 50.3 million, up from $ 20.3 million in the previous year.
In a proxy document, the directors of the company justified their decision to reward the Murdoch clan by massive increases, stating that they were "essential to the achievement" of the Disney contract and congratulating them for their "strong performance in period of substantial change. "
It was a good summer to be Murdoch. 21st Century Fox may have failed in the auction for the European pay-TV heavyweight Sky, but its shareholders are receiving a fairly high consolation prize. The company announced this week that it would offload its 39% stake in Sky to Comcast for more than $ 15 billion after the US cable giant filed the best bid at the auction.
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