Fox Corp. CEO Lachlan Murdoch will forgo his salary amid the novel coronavirus pandemic and 700 employees at the company will see salary reductions
, the executive said in an internal memo on Wednesday.
Salary cuts will hit other Fox executives in tiers, Murdoch added: "The rest of my direct-report executive team will reduce their salaries by 50% through the same period. And from May 1st through July 31st, 2020, our executives at the VP level and above will reduce their salaries by 15%." The media conglomerate, comprised Fox News, Fox Sports and Fox Entertainment, as well as local TV stations, has been hit by a television advertising downturn as sports leagues go dark. On March 31, Fox described the virus impact to the firm as "material" and noted "broadcast rights have been cancelled or postponed and the production of certain entertainment content the Company acquires has been suspended.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Fox Corp. Price Target Lowered by Analyst Over 'Steeper' TV Ad Revenue DeclineUBS analyst John Hodulik on Monday lowered his price target for Fox Corp. over concerns for far lower future advertising revenues amid the coronavirus pandemic
Read more »
Kimberly-Clark Corp.KMB | Complete Kimberly-Clark Corp. stock news by MarketWatch. View real-time stock prices and stock quotes for a full financial overview.
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 »
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 »
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 »