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Compensation of Murdoch in the process of execution
21st Century Fox
Inc.
FOX 0.73%
last year, senior executives received large share awards as a result of the company's decision to sell a number of
Walt Disney
Co.
for $ 71.3 billion.
Rupert Murdoch, executive chairman of 21st Century Fox, earned a total of $ 49.2 million in the fiscal year ended June 30, up 68% from the previous year, according to a proxy ranking . Mr. Murdoch's salary of $ 7.1 million remained unchanged, but he received $ 23.3 million of share awards, more than four times what he had received during the year. Previous exercice.
Lachlan Murdoch, fellow chairman and son of Rupert Murdoch, totaled $ 50.7 million, more than double his total compensation of $ 20.6 million for fiscal 2017.
The total compensation of Chief Executive Officer James Murdoch, Rupert Murdoch's second son, was $ 50.3 million, up $ 20.3 million from the prior year.
Lachlan Murdoch and James Murdoch both received $ 36.7 million in share awards for the last fiscal year, compared to $ 8.5 million for fiscal 2017. Both Murdoch employees have a regular salary of $ 3 million.
The company said that the share awards were related to the sale of Disney. In its proxy circular, 21st Century Fox stated that the compensation committee of its board of directors had "approved certain compensatory measures in fiscal year 2018 outside the Company's regular compensation program". Nallen and legal adviser Gerson Zweifach – to "encourage an orderly transition process" as the company completes the Disney deal.
The Murdoch are major shareholders of 21st Century Fox and
News Corp
,
who owns the Wall Street Journal.
Last year, Walt Disney agreed to purchase various assets owned by 21st Century Fox, including regional sports networks, FX cable channels and television and movie studios from National Geographic and Twentieth. Century Fox. The transaction was approved by the shareholders of both companies in July.
The network and local stations of Fox Broadcasting, Fox News and Fox Business, are among the assets that will not be sold to Disney, but will be transformed into a different company tentatively called Fox.
Earlier this week, 21st Century Fox announced that it would sell its stake in a European television company.
Sky
PLC to
Comcast
Corp.
after losing a bidding war with Comcast to take full control of Sky.
The Sky sale, coupled with the sale of Fox's regional sports networks mandated by the Department of Justice, would reduce the cost of Fox's global deal for Disney by about $ 30 billion, according to a person familiar with the matter.
When the deal with Disney is over, Rupert Murdoch will co-chair Fox with Lachlan Murdoch, who will also be the company's general manager.
Write to Allison Prang at [email protected]
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