Rupert Murdoch takes 28 per cent salary cut after News Corp losses

LONDON - Rupert Murdoch has experienced a 28 per cent drop in remuneration as his News Corporation empire struggles from the fall in commercial spending and cuts to the valuation of its assets.

Murdoch... losses
Murdoch... losses

Murdoch's overall earnings dropped from $27.5 million to $19.9 million in the year ending June 30, as his company, which owns newspapers including The Sun and The Times, made a loss of $3.4 billion.

For the period, Murdoch's basic salary of $8.1 million remained unchanged, but his performance-related pay fell from $17.5 million to $5.4 million.

However, the media tycoon did receive an extra $6 million in pension contributions and shares.