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Fox executives take pay cuts; Murdochs forgo salaries

Top executive officers at Fox will go without pay until September 30 of this year

MUMBAI: There will be salary cuts at Fox Corp in view of the crisis caused by COVID-19 pandemic. While CEO Lachlan Murdoch will give up his salary, the company’s 700 employees will take a pay cut. There will also be a suspension of compensation increase across the company, including for the board of directors.  

Top executive officers at Fox will go without pay until September 30 of 2020, according to an internal memo. Those who are foregoing salaries include Rupert Murdoch, chief financial officer Steve Tomsic, chief operating officer John Nallen, and chief legal officer Viet Dinh.  

“We are able to protect our full-time colleagues with salary and benefit continuation during the period we are most affected by the crisis," said Fox Corp CEO Lachlan Murdoch.

While Rupert Murdoch took home $42.1 million in fiscal 2019, Lachlan’s total compensation was $42.1 million, according to company filings with the Securities and Exchange Commission.

Dwindling ad spends have hit the media empire which comprises Fox News, Fox Entertainment, and Fox Sports, in addition to local TV channels. While production of some entertainment programmes was cancelled, broadcast rights had to be postponed or cancelled.   

The media company has extended the work-from-home system till May 15. According to the CEO, a return to “normal operations” will only become possible as per the recommendations from officials and health experts.

Murdoch informed that salary cuts will affect the rest of the Fox executives in tiers. Those executives who directly report to him will take a 50 percent cut through the same period.

The Fox employees have undertaken some COVID-19-related relief activities which Murdoch has highlighted in his staff memo: “We have retained and redeployed our Studio Lot food services staff, and these colleagues are now preparing 2,000 meals per day for those in need in the L.A. community. And some costume department staff have used their time and skills to make masks for fellow colleagues to help them work more safely," 

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