Fox Corp.’s board has extended CEO Lachlan Murdoch’s contract through 2030 and increased his compensation package, according to an SEC filing on Thursday. Beginning July 1, Murdoch’s target annual bonus will rise to $9 million, while his target annual equity award will increase to $20 million. His base salary remains $3 million. In fiscal 2025, Murdoch’s total compensation climbed to $33 million from $23.8 million the year before.
The board also extended the employment agreement of Chief Financial Officer Steve Tomsic through 2030. His target annual bonus will rise to $3 million and his target annual equity award will reach $4 million, with a further increase in target bonus to $3.5 million starting July 1, 2028.
Murdoch’s renewed contract comes after a major family settlement last fall involving Rupert Murdoch and his children. The agreement reinforced Lachlan Murdoch’s position as the presumed successor, while siblings James, Elisabeth and Prudence formally separated from the family’s media interests. Grace Murdoch and Chloe Murdoch, Rupert Murdoch’s daughters with ex-wife Wendi, joined Lachlan in a newly created trust.
The move helps secure leadership continuity at Fox Corp. and reduces the risk of internal family disputes over the future direction of Fox News and other conservative-leaning assets after Rupert Murdoch’s death. Rupert Murdoch, 94, remains a central figure in the family’s media empire, while Lachlan Murdoch has led Fox Corp. since the company was formed in 2019 after the sale of most of 21st Century Fox to Disney. James Murdoch has long been critical of Fox News, raising concerns about the network during his earlier role as CEO of 21st Century Fox.
According to the filing, Lachlan Murdoch recused himself from all discussions and votes related to his employment extension and compensation changes.
