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Murdoch's pay drops 14% in fiscal '08

August 20, 2008|From Bloomberg News

Media company News Corp., whose stock fell 29% in fiscal 2008, reported compensation of $27.5 million for Chairman Rupert Murdoch during the period.

Murdoch's compensation for the fiscal year that ended June 30 was 14% lower than in 2007, New York-based News Corp. said in a regulatory filing Tuesday. The base salary was $8.1 million.

The company allocated $17.5 million in cash bonuses to Murdoch, and also reported stock awards and other compensation.

News Corp. shares fell the most since April 2003 on Aug. 6 after analysts cut profit estimates, citing weak local television and newspaper advertising sales.

Fourth-quarter profit, reported a day earlier, beat analysts' estimates.

News Corp. reported total compensation of $28.8 million for President and Chief Operating Officer Peter Chernin, 15% lower than the previous year, according to the filing.

Murdoch bought more than 117,000 shares of News Corp. on Aug. 15, while Chernin purchased more than 334,000 shares that day, according to the Washington Service.

News Corp. shares fell 25 cents, or 1.8%, to $13.45 on Tuesday. They are down 34% this year.

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