News Corp.’s Chernin Is Paid More Than Boss
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News Corp., the media company run by Rupert Murdoch, paid Chief Operating Officer Peter Chernin $31.6 million, or about 34% more than his boss, in the year ended June 30.
Murdoch’s compensation was $23.6 million, New York-based News Corp. said Wednesday in a filing with the Securities and Exchange Commission.
Chernin’s pay soared from $17.6 million in 2004 as his bonus jumped to $18.9 million from $8 million under an employment agreement that took effect in August 2004. The contract enables Chernin, 54, to qualify for bonuses of as much as $25 million based on earnings per share. His fiscal 2005 compensation included a salary of $8.32 million and $3.88 million in stock, the filing said.
Murdoch’s pay included a salary of $4.51 million and a bonus of $18.9 million. Murdoch, 74, was paid $17 million last year, including salary and bonus.
News Corp.’s nonvoting Class A shares fell 20 cents to $16.30.
