The Murdochs will forgo salaries until October. The reductions will impact around 700 employees at the company, which includes Fox network, Fox News Media, more.
Fox Corp. has become the latest media company to slash salaries as the coronavirus has decimated the advertising marketplace.
In a memo to employees issued Wednesday, Fox Corp. Executive Chairman Lachlan Murdoch said he and his father, Rupert, would forgo their salaries through Sept. 30, as will the company’s chief operating officer, John Nallen; chief legal and policy officer, Viet Dinh; and chief policy officer, Steve Tomsic., will take a 50% pay reduction over the same period. Executives at the vice president level or higher will see their salaries reduced 15% from May 1 through July 31.
The reductions will affect around 700 employees at the company, which includes its network TV operation, television stations, sports division and Fox News Media. Compensation increases also have been suspended.who have been broadcasting remotely — through May 15. The company had earlier set a target for a May 4 return.
“While we don’t know exactly when we will return to normal and full operations across the company, we have decided to take several new actions to ensure that we remain strong and are well-positioned when this crisis recedes,” he wrote. Stay-at-home orders have kept much of the nation indoors and watching plenty of television, although a large portion has been of streaming services such as Netflix, which saw
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Fox Corp. CEO Lachlan Murdoch to Forgo Salary, Execs to Take Pay CutsFox Corp. CEO Lachlan Murdoch will forgo his salary amid the novel coronavirus pandemic and 700 employees at the company will see salary reductions
Read more »
Fox Blonde Very Worried About Her Ability to Exploit Immigrant Labor Under Trump's BanAfter Donald Trump announced late Monday night in a tweet that he plans to double down on racism and xenophobia by temporarily banning immigration into the United States, Fox News blonde and Fox & Friends co-host Ainsley Earhardt is all of a sudden very worried about immigrants—possibly as worried as she is about how she and her friends will get their hair and nails done during the covid-19 pandemic. Namely, she’s very concerned about how she’ll continue to be able to exploit immigrant labor under Trump’s vague, as of yet unreleased executive order.
Read more »
Trevor Noah Calls Out Donald Trump & Fox News Over “Insane” Reopen-America ProtestsDuring his monologue tonight, Trevor Noah noted that America topped 40,000 COVID-19 deaths and 750,000 infections. Grim stats, to be sure, but not everyone is taking the crisis seriously. “Mo…
Read more »
Fox News Is Desperately Trying to Turn Coronavirus Protests Into the Next Tea PartyThe network and its most important viewer, Donald Trump, are amplifying the voices of a small but vocal minority protesting state lockdown orders.
Read more »
11 words from John Oliver that expose Fox News' fundamental hypocrisyHBO's John Oliver dedicated his entire 21-minute show on Sunday night to a deep dive into false information being peddled by Fox News and other conservative media outlets about the coronavirus, and the impacts those falsehoods are having on President Donald Trump and his decision-making.
Read more »