Murdoch pockets £14m pay packet

September 9, 2006

Rupert Murdoch was paid more than £14m ($25m) last year as chief executive of media giant News Corporation – almost 10% up on the previous year, according to documents filed in the US.

The media mogul made £13.8m ($25.7m) in the year that ended in June, including a £11.3m ($21m) bonus, a rise of 9.8%.

And his New York apartment has cost the company £27,000 ($50,000) a month since May, according to News Corp’s annual proxy statement filed with the US Securities & Exchange Commission.

However, Mr Murdoch was not the best-paid executive at the company. The president and chief operating officer, Peter Chernin, took home a pay packet of £15.7m ($29.3m), which included a £4.3m ($8.1m) salary and a bonus of £11.4m ($21.2m).

Mr Chernin’s bonus was distributed in cash and restricted stock units, News Corp said, adding that bonuses paid to senior executives were calculated with reference to growth in earnings per share.

Mr Murdoch, Mr Chernin and chief financial officer David DeVoe were also compensated £222,000 ($413,000) between them for their personal use of the company’s aircraft.

News Corp’s businesses include the 20th Century Fox film studios, the Fox News Channel and the publishers HarperCollins. In the UK it owns the Sun and Times newspapers and satellite TV business BSkyB.

Source: Media Guardian


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