LONDON - Rupert Murdoch has experienced a 28 per cent drop in remuneration as his News Corporation empire struggles from the fall in commercial spending and cuts to the valuation of its assets.
Murdoch's overall earnings dropped from $27.5 million to $19.9 million in the year ending June 30, as his company, which owns newspapers including The Sun and The Times, made a loss of $3.4 billion.
For the period, Murdoch's basic salary of $8.1 million remained unchanged, but his performance-related pay fell from $17.5 million to $5.4 million.
However, the media tycoon did receive an extra $6 million in pension contributions and shares.
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