Murdoch Gives Up Bonus As Fox Parent Posts $1B Loss

Reuters reports:

News Corp Executive Chairman Rupert Murdoch is forgoing his cash bonus for the year after the media company posted a $1 billion quarterly loss due to a write-down in the value of its Australian pay TV unit and the impact of the COVID-19 pandemic on its businesses.

The company’s chief executive officer, Robert Thomson, who is giving up three-quarters of his annual cash bonus, said on Thursday News Corp would cut costs in all its units as it tries to limit the hit of the pandemic on its business.

“The collective cuts in bonuses and other cost initiatives will have a positive impact on profitability and our cash position,” Thomson said in a statement.