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With company split, Rupert Murdoch's pay to reach $28.3 million

April 26, 2013|By Meg James
  • Rupert Murdoch and wife Wendi Deng Murdoch arrive on the red carpet for the 85th Annual Academy Awards earlier this year.
Rupert Murdoch and wife Wendi Deng Murdoch arrive on the red carpet for the… (Frederic J. Brown / AFP/Getty…)

Although News Corp. plans to divide into two separate publicly traded companies in a few months, Rupert Murdoch won't see much division in his annual compensation. Instead he will get a little addition.

Murdoch's combined salary, bonus and other incentives for running the two companies will reach $28.3 million in fiscal 2014, News Corp. said Friday in a Securities & Exchange Commission filing.

That's a raise. For fiscal year 2013, the 82-year-old billionaire's compensation at News Corp. is expected to be $24.6 million.

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Beginning next year, Murdoch will draw a combined annual base salary of $8.1 million from two companies: News Corp., the newspaper group, and 21st Century Fox, the television and movie company.

For years, Murdoch's base pay has held steady at $8 million for his position as chief executive of News Corp. -- drawing the attention and ire of corporate governance experts who believe that is too high.

The Friday SEC filing detailed Murdoch's compensation targets for the upcoming fiscal year. His base pay as chairman and chief executive of 21st Century Fox will be $7.1 million a year. He also will have a bonus target of $10.5 million and $5.7 million in long-term incentives.

The Fox package could total as much as $23.3 million in fiscal 2014.

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Murdoch's compensation for his role as chairman of the new News Corp. will be more modest. He will receive $1 million in base salary, a $2-million bonus and $2 million in long-term incentives.

His News Corp. package is expected to total $5 million in fiscal 2014.

News Corp.'s stock has been increasing for the last 10 months since the company announced that it would spin off the newspapers, including the Wall Street Journal and Times of London, and HarperCollins book publishing into a separate company. News Corp. shares began trading Friday at $31.22 a share.  That's up from its 52-week low of $18.32 a share.

Investors have long wanted Murdoch to get out of the newspaper business. He responded by agreeing to split the company. The new News Corp. will start with no debt and $2.6 billion for acquisitions.

News Corp. executives refuse to reveal what properties the company is looking at, although Murdoch is believed to still be interested in acquiring the Los Angeles Times, part of Tribune Co. Tribune has hired investment bankers to handle a sale of its newspaper outlets.

ALSO:

News Corp. publishing firm to start with $2.6 billion in cash

Murdoch entertainment group to be named 21st Century Fox

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