Murdochs Get Raises at Fox -- WSJ

By Austen Hufford 

21st Century Fox Inc. reported higher pay over the past year for Executive Chairman Rupert Murdoch and his sons, Chief Executive James Murdoch and Executive Chairman Lachlan Murdoch.

The increase in compensation reflected their new duties, higher bonuses and changes in pension value.

It was a challenging year for Fox, which saw its share price fall 17% over the 12 months ended June 30 and reported a 5.7% decline in revenue as the company deals with changes in how media is paid for and consumed.

Rupert Murdoch also is executive chairman at News Corp, parent company of The Wall Street Journal, and Lachlan Murdoch is co-chairman.

At Fox, Rupert Murdoch received compensation valued at $34.6 million for the fiscal year ended June 30, up 24% from $27.9 million a year earlier. Changes in pension value accounted for much of Rupert Murdoch's increase, up to $11.1 million from $5.7 million. He also received a higher stock award, according to a Securities and Exchange Commission filing.

On July 1, 2015, Rupert Murdoch stepped down as chief executive and his sons assumed elevated roles. Since July, Rupert Murdoch also has been chairman and acting CEO of Fox News Channel and Fox Business Network after Roger Ailes stepped down in the wake of a sexual-harassment scandal.

James Murdoch's pay increased to $26.4 million from $15.1 million a year earlier, when he was chief operating officer. His salary remained the same, but he received higher stock awards, bonuses and an increased change in pension value. Lachlan Murdoch made $23.7 million, compared with the $323,000 he made as a director.

Fox's cable segment remains the primary driver for the company, especially as the company's film entertainment segment, which produces movies and television shows, has disappointed with few movie blockbusters.

Earlier this year, the head of Fox's Twentieth Century Fox film studio stepped down, and the company looked to cut costs, primarily though buyouts at its television group and movie studio.

Fox also said Chase Carey received $29.2 million in compensation as executive vice chairman, up from $23.2 million the year before. Mr. Carey stepped down as chief operating officer last year but has remained at the company as a consultant, among other roles.

Earlier this month, Mr. Carey was named chairman of the Formula One racing series.

Write to Austen Hufford at [e-mail]

(END) Dow Jones Newswires

September 24, 2016 02:48 ET (06:48 GMT)

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