Rupert And Lachlan Forgo Salaries As Coronavirus Bites

NEW YORK/SYDNEY: The Murdoch family – now said to be worth more than US$50 billion between them – have revealed plans to forgo their salaries to help mitigate losses from COVID-19 – and perhaps show some solidarity with the effort being made by global citizens to show some sympathy with those stricken by the attacks.

Leader Rupert Murdoch is understood to have a salary of US$5 million plus $29 million in incentives and stocks. His son Lachlan , who is chairman and CEO at Fox Corporation, is also forgoing his salary of $5 million.

But it’s not just the family kicking in. Lachlan Murdoch said in a memo to staff: “The rest of my direct-report executive team will reduce their salaries by 50pc through the same period. And from May 1 through July 31, 2020, our executives at the VP level and above will reduce their salaries by 15pc.”

Further cuts are said to affect around 700 Fox Corp employees. It wasn’t clear last night if Murdoch’s Australian employees, who produce The Australian, Herald Sun, Daily Telegraph and Courier-Mail among other titles, will be chipping in.