Media mogul Rupert Murdoch awarded $22.9 million after retirement

This is considered the salary for the remaining time of 2023 according to his contract with the aforementioned American media giant, and is a 24% increase compared to the original plan.

Media mogul rupert murdoch awarded $229 million in damages after settlement — Media mogul Rupert Murdoch in 2016. Photo: Reuters

The Australian-born media mogul stepped down from Fox Corp on Thursday after a career spanning more than seven decades and handed over the reins to his son, Lachlan Murdoch.

Lachlan will become chairman of News Corp, as well as continue to serve as chairman and CEO of Fox Corp - another media giant owned by the Murdoch family. However, Rupert Murdoch will remain honorary chairman of both companies.

At Fox, his 2023 compensation includes an annual base salary of $5 million and about $7.6 million in bonuses and stock options. It also includes $4.4 million in incentive pay, filings show.

Lachlan's compensation at Fox is up to $21.8 million for 2023. However, he will be taking over his father's media empire at a time when the industry is facing many challenges, from declining viewership to advertising revenue.

MILESTONES IN BILLIONAIRE RUPERT MURDOCH'S 70-YEAR MEDIA CAREER

1952: Murdoch inherits his father's Australian newspaper "The News" at the age of 21.
1953: He became editor and publisher of the paper and joined the board of News Ltd.
1969: He buys the News of the World and turns it into the most widely read English-language weekly newspaper in the world .
1973: Entered the US market with the purchase of the San Antonio Express and San Antonio News.
1976: Acquired the New York Post for $30 million.
1981: His News International company buys the Times and Sunday Times
1985: Purchased 50% stake in 21st Century Fox
1986: News Corporation acquires Metromedia, including six television stations, laying the foundation for the Fox network.
1987: Acquired American publisher Harper & Row
1989: HarperCollins Publishing Group formed through the merger of two companies. Sky Television launched in the UK
1996: Fox News Launches
1998: Fox Entertainment goes public
2007: Acquired Wall Street Journal publisher Dow Jones for $5.6 billion.
2011: Closes tabloid News of the World, after phone hacking scandal rocks his empire.
2013: News Corporation assets split into News Corp and 21st Century Fox
December 2017: Disney reaches agreement to acquire Twenty-First Century Fox's film, television and international businesses for $52.4 billion in stock.
September 2018: 21st Century Fox agrees to sell its 39% stake in Sky to Comcast, completing its takeover of the US cable television group.
March 2019: Walt Disney completes $71 billion acquisition of Twenty-First Century Fox's film and television assets.
February 2021: Electronic voting system maker Smartmatic sues Fox News and Rudolph Giuliani, former President Donald Trump's attorney, alleging they falsely accused the company of helping to rig the 2020 US election.
March 2021: Dominion Voting Systems files a $1.6 billion defamation lawsuit against Fox News, accusing the news outlet of falsely claiming it engaged in fraud in the 2020 US election.
January 2023: Murdoch drops proposal to re-merge News Corp and Fox Corp.
April 2023: Fox settles defamation lawsuit from Dominion Voting Systems for $787.5 million.
September 2023: Murdoch steps down as chairman of Fox and News Corp, ending a 70-year media career at the age of 92.