Murdoch can look forward to more pay when News Corp splits into two
Chairman Rupert Murdoch can expect 15% more pay as a result of NewsCorp’s split into two separate firms before the end of June next year.
Murdoch: More compensation
One of the two will house print media, including the Sun, the Times and the Sunday Times in the UK and The Wall Street Journal in the US. Also in the mix: publishers Harper Collins. The print firm will retain the News Corp. name.
Observers expect the new News Corp. to be very active. One possible target frequently mentioned is the influential Los Angeles Times , although the billionaire Korch brothers are also said to be interested.
The bigger of the two companies emerging out of News Corp will be the one holding the film and entertainment businesses, now to be called Twenty-First Century Fox Inc.
The increase for Murdoch will come entirely from the long-term incentive element of his compensation, said the Wall Street Journal, citing a filing with the US Securities and Exchange Commission.
Total salary and bonus between the two companies for the boss, who is now 82, won't change from what he is targeted to earn from the existing company for fiscal 2013.
That is a base salary of $8.1 million and a target bonus of $12.5 million, with target long-term incentive compensation of $4 million.
For fiscal 2014, as print media executive chairman, Murdoch will be eligible for a base salary of $1 million, a performance-based annual bonus targeted at $2 million and performance-based long-term equity awards valued at another $2 million, said the WSJ.
At Twenty-First Century Fox, Murdoch’s title will be chairman and CEO. He will receive a salary of $7.1 million and a target annual bonus of $10.5 million in fiscal 2014. His target for performance-based long-term compensation will be $5.7 million.
The long-term equity awards are payable after three years, the company said.
Murdoch's target compensation from the two companies in fiscal 2014 will total $28.3 million, up from $24.6 million for fiscal 2013.
Robert Thomson, chief executive of the new News Corp., will be eligible for performance-based equity awards valued at $4 million for the 2014 fiscal year. News Corp. previously disclosed that he would receive an annual salary of $2 million and an annual bonus targeted at $2 million.