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Rupert Murdoch takes 40% News Corp pay cut to $5.1m Rupert Murdoch takes 40% News Corp pay cut to $5.1m
(about 1 hour later)
Rupert Murdoch took a 40% pay cut for the year ending 30 June as his total package for being executive chairman of News Corp fell from $8.7m (£5.7m) to $5.1m.Rupert Murdoch took a 40% pay cut for the year ending 30 June as his total package for being executive chairman of News Corp fell from $8.7m (£5.7m) to $5.1m.
News Corp chief executive Robert Thomson also saw his pay fall, down almost 18% to $10.3m from $12.5m in the previous year.News Corp chief executive Robert Thomson also saw his pay fall, down almost 18% to $10.3m from $12.5m in the previous year.
The falls in pay for both executives were due to cuts in stock awards, with base salaries remaining the same as in the previous year at $1m for Murdoch and $2m for Thomson.The falls in pay for both executives were due to cuts in stock awards, with base salaries remaining the same as in the previous year at $1m for Murdoch and $2m for Thomson.
Related: News Corp sees strong growth in digital real estate services and book publishingRelated: News Corp sees strong growth in digital real estate services and book publishing
The pay cuts came in a year when News Corp swung to a $149m loss from a $237m profit a year earlier. Revenues were up 1% to $8.63bn, but the company’s news and information division, which includes newspapers such as the Sun, Times and Wall Street Journal, has continued to see its revenues decline sharply, down 10% in the fourth quarter alone.The pay cuts came in a year when News Corp swung to a $149m loss from a $237m profit a year earlier. Revenues were up 1% to $8.63bn, but the company’s news and information division, which includes newspapers such as the Sun, Times and Wall Street Journal, has continued to see its revenues decline sharply, down 10% in the fourth quarter alone.
The figures were revealed in financial filings made to the US Securities and Exchange Commission on Tuesday, which also reveal that News Corp investors will vote on whether to scrap company’s dual-class share structure at the company’s annual general motion on 14 October.The figures were revealed in financial filings made to the US Securities and Exchange Commission on Tuesday, which also reveal that News Corp investors will vote on whether to scrap company’s dual-class share structure at the company’s annual general motion on 14 October.
Under the current arrangement owners of the class A shares that make up around two-thirds of News Corp’s stock have no voting power to decide the direction of the company. The Murdoch family control 39% of the remaining class B shares, helping ensure the company remains under their control. News Corp’s board opposes changing the structure and a similar proposal was defeated at the last annual meeting. Under the current arrangement owners of the class A shares that make up about two-thirds of News Corp’s stock have no voting power to decide the direction of the company. The Murdoch family control 39% of the remaining class B shares, helping ensure the company remains under their control. News Corp’s board opposes changing the structure and a similar proposal was defeated at the last annual meeting.
The filing comes as the Scottish government was forced to defend a decision not to disclose that first minister Nicola Sturgeon met Murdoch while being interviewed by the Wall Street Journal at its offices in New York.The filing comes as the Scottish government was forced to defend a decision not to disclose that first minister Nicola Sturgeon met Murdoch while being interviewed by the Wall Street Journal at its offices in New York.
The Scottish Daily Mail revealed that Murdoch as now mentioned in a detailed public diary of who she met with during a trip to the US in June which included IMF boss Christine Lagarde, Daily Show presenter Jon Stewart and US-based Scottish actor Alan Cumming. The Scottish Daily Mail revealed that Murdoch was not mentioned in a detailed public diary of who she met with during a trip to the US in June which included IMF boss Christine Lagarde, Daily Show presenter Jon Stewart and US-based Scottish actor Alan Cumming.
The Scottish government said that Wall Street Journal editor-in-chief Gerard Baker had invited Murdoch into his meeting with Sturgeon and “no private meeting” had taken place with the News Corp boss.The Scottish government said that Wall Street Journal editor-in-chief Gerard Baker had invited Murdoch into his meeting with Sturgeon and “no private meeting” had taken place with the News Corp boss.
Related: Nicola Sturgeon calls on BBC to put forward bold proposal for ScotlandRelated: Nicola Sturgeon calls on BBC to put forward bold proposal for Scotland
Sturgeon has previously criticised her predecessor Alex Salmond for failing to disclose meetings with Murdoch and earlier this year accused the Sun of being sexist for mocking up a picture of her in a tartan bikini.Sturgeon has previously criticised her predecessor Alex Salmond for failing to disclose meetings with Murdoch and earlier this year accused the Sun of being sexist for mocking up a picture of her in a tartan bikini.
Giving the alternative MacTaggart lecture last week in Edinburgh, Sturgeon called for a separate BBC service for Scotland. She also backed Salmond over his argument with Nick Robinson over perceived bias in the BBC’s coverage of the Scottish independence referendum. Giving the Alternative MacTaggart lecture last week in Edinburgh, Sturgeon called for new dedicated BBC TV and radio services for Scotland. She also backed Salmond over his argument with Nick Robinson over perceived bias in the BBC’s coverage of the Scottish independence referendum.