Newspaper publishing baron Rupert Murdoch, the CEO of News Corp., continues to be one of the most richly compensated executives in America -- collecting $33.3 million for fiscal year 2011.
The 80-year-old media mogul's salary and stock package soared 46% over 2010 because of the addition of a $12.5-million bonus, according to the Los Angeles Times.
News Corp.'s vast global holdings include The Wall Street Journal, Dow Jones Newswires, Fox News, and a string of U.S. community newspapers. Murdoch has pushed the WSJ to broaden its editorial focus in recent years, bolstering its sports and politics reporting to make it more competitive with other general interest papers, including USA Today.
Details of Murdoch's pay, disclosed in a regulatory filing yesterday, come as he and his son and corporate heir-apparent, James, grapple with damage from a widening British phone hacking scandal.
Murdoch's pay included $287,070 for personal use of the company's jet.
By comparison, Gannett CEO Craig Dubow's annual pay last year doubled, to $9.4 million. (Annual pay details for Dubow and other top executives.)
GCI shares climbed 1.6% last year. NWS rose 3.1%.
NWS is considerably larger: It had $33 billion in revenue during FY 2011 vs. $5.4 billion for GCI in calendar year 2010.
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| Murdoch |
News Corp.'s vast global holdings include The Wall Street Journal, Dow Jones Newswires, Fox News, and a string of U.S. community newspapers. Murdoch has pushed the WSJ to broaden its editorial focus in recent years, bolstering its sports and politics reporting to make it more competitive with other general interest papers, including USA Today.
Details of Murdoch's pay, disclosed in a regulatory filing yesterday, come as he and his son and corporate heir-apparent, James, grapple with damage from a widening British phone hacking scandal.
Murdoch's pay included $287,070 for personal use of the company's jet.
By comparison, Gannett CEO Craig Dubow's annual pay last year doubled, to $9.4 million. (Annual pay details for Dubow and other top executives.)
GCI shares climbed 1.6% last year. NWS rose 3.1%.
NWS is considerably larger: It had $33 billion in revenue during FY 2011 vs. $5.4 billion for GCI in calendar year 2010.
Still waiting for an answer to my question of what possibly does one do with all these skyrocketing salaries? How many houses, offices, chauffeurs do you need? If not free private corporate jet usage, it's compensated private corporate jet usage. Yes, you can take a jet and fly to see the Northern Lights in Gander, Newfoundland. They are truly spectacular this time of year. I know. I've been there in September and seen them.
ReplyDeleteJust had an idea. Why not pile in as many Gannett employees into a corporate jet that it can handle and fly them all up to Gander, Newfoundland to see the Northern Lights? Would certainly make a story for USA Today.
ReplyDeleteI am sure these posts mean something. But I must not be in the loop. Can you fill us in on the below the covers inside baseball here? Just saying.
ReplyDeleteWow, a $12.5 million bonus. That is some cash. I bet he does have a fleet of jets that dwarf the six Gannett owns. Probably 20 if rumors are correct. But he does have to fly to Teaneck to Gatwick a lot.
10:10: Let me be helpful: Gannettblog search button on the right. Look up corporate jets and Newfoundland. Several postings going back years. Here's one sample. http://gannettblog.blogspot.com/2008/09/flight-to-safety-where-was-gcis-jet-on.html
ReplyDeleteYou can find others.
Okay, I read it. I still don't understand. Why if they were going to Honolulu would the jet go to Newfoundland. That's odd. Or was that another trip, maybe to England for NewsQuest? I don't get it though, are you saying there should not be a fleet of jets and everyone should fly coach> Or the handful of jets should be sold or what? Just too much inside baseball.
ReplyDeletehttp://gannettblog.blogspot.com/2008/08/does-gannett-still-keep-any-corporate.html
ReplyDeleteANONYMOUS SAID... AS THE MONTH OF SEPTEMBER START AND THE QUARTER IS COMING TO END. LOOK FOR MORE LAYOFFS AND DOWNSIZING AS BUSINESS TAKE DIVENOSE AND REVENUES IS DOWN. LOOK FOR GCI TOP BRASS TO ANNOUNCE MAJOR CUTS. EVERY QUARTER THERE IS JOBS LOSS AND MY OPINION MR.DUBOW HAS NO PLAN ARE VISION IT IS ALL ABOUT CUTS NO GROWTH IN BUSINESS.
ReplyDeletehttp://www.youtube.com/watch?v=a167yJ8OZ7E&feature=related
ReplyDeletehttp://www.youtube.com/watch?v=-h9c0aZR_e8
ReplyDeletehttp://www.youtube.com/watch?v=tfuqG_DQCaA&feature=related
ReplyDeleteYou get the idea. Any other questions?
ReplyDeleteWas reading this and have no idea what you are complaining about. Is it corporate jets and their use? I guess what is good enough for congress should be good enough for gannett. Gannett is more profitable too.
ReplyDeleteIs it the northern lights? Well I guess that trip would bet taxible...who cares then? Or, if it was a fueling stop for cheap gas well, that would be admirable.
But I like the other guy just don't get it.
Well, at least Murdoch has real skin in the game...Dubow et al have basically zilch in terms of ownership and worse yet, they’d profit handsomely from severance packages even if Gannett fails under their own hands.
ReplyDeletehttp://gannettblog.blogspot.com/2011/06/june-13-20-your-news-comments-part-4.html
ReplyDeleteMurdoch is a monster but weirdly, I don't have much of a problem with this. The guy is New Corp. He built the company pretty much from the ground up. If he wants to spend every morning of his twilight years lighting cigars with $100 bills, well, whatever.
ReplyDeleteSay "cheese" and watch this all the way thru:
ReplyDeletehttp://www.youtube.com/watch?v=sHR_d4-e9Do&feature=fvwp&NR=1