The Murdoch family is “making out like bandits” in the days before the close of the acquisition of much of the family’s media holdings by Disney, Variety reports.
“Rupert, Lachlan, and James Murdoch were rewarded handsomely for their decision to sell large parts of their sprawling media empire to the Walt Disney Company in a deal valued at $71.3 billion,” Variety reports. “All three family members earned massive raises on the eve of the merger’s completion — a deal, it should be noted, that is expected to result in thousands of lost jobs.”
The story reports: “Rupert Murdoch’s compensation package swelled to $49.2 million in salary, bonuses, and other awards, according to public filings. That was nearly double the $29.3 million that he brought in during the previous year. Murdoch serves as co-executive chairman of 21st Century Fox, a conglomerate that includes 20th Century Fox, FX, and Nat Geo among its assets.”
Variety adds: “Lachlan Murdoch, the other executive chairman, also got a raise. His compensation soared to $50.7 million, up from $20.6 million in 2017. Both Lachlan and Rupert Murdoch will oversee the remaining parts of the family media empire that are not going to Disney. These channels, which include Fox News and Fox Broadcasting, are being reconstituted into a new company dubbed ‘new Fox.’”
The report notes that James Murdoch, the 21st Century Fox CEO, will not be making the move along with his father and brother. “But he got quite a sendoff,” Variety notes. “James Murdoch’s total compensation climbed to $50.3 million, an increase from the $20.3 million that he brought in during the prior year.”