Fox Corp. said its top executives would forgo salaries and other senior leadership would have their pay reduced by as much as 50% in the coming months due to the effects of the coronavirus pandemic on the company’s various media businesses, The Wall Street Journal reports.
In a memo to staff, Executive Chairman and Chief Executive Lachlan Murdoch said he and his father, Chairman Rupert Murdoch, as well as other senior executives would see their pay eliminated through September.
“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,” Lachlan Murdoch said in the memo.
In total, 700 Fox Corp. employees will be affected. The company also said it is suspending pay increases throughout the company, including for its board of directors.
On-air talent at the various Fox operations aren’t part of the mandatory cuts, people familiar with the matter said.
Division heads who will have their pay reduced by half through Sept. 30 include Fox News Chief Executive Suzanne Scott, Fox Entertainment Chief Executive Charlie Collier and Fox Sports Chief Executive Eric Shanks.
Fox executives at the vice president and above level will have their pay reduced by 15% from May 1 through July 31.
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