Lachlan Murdoch will stay on as chief executive officer of Fox Corp. through 2030 in a new contract extension.
Fox disclosed the contract details in a securities filing Thursday. Chief Financial Officer Steve Tomsic will remain in his role through 2030. Murdoch recused himself from the extension talks.
The compensation committee and board of directors unanimously approved an increase to the CEO’s target annual bonus to $9 million and target annual equity award to $20 million. His $3 million salary remained unchanged.
In fiscal 2025, Murdoch’s total compensation rose to $33 million from $23.8 million in the prior year.
Tomsic received a salary increase to $2 million per year, a target annual bonus to $3 million with a further increase to $3.5 million in July 2028 and a target annual equity award to $4 million.
Lachlan controls the Fox corporation through a family trust after he bought out his siblings for $3.3 billion last summer. The CEO aligned with his late father Rupert’s more conservative politics compared to his more liberal siblings.
The contract extension solidifies Lachlan’s holding at the company. The eldest brother has previously stated that the family trust resolution gives Fox strategic clarity and is “great news for investors.” Lachlan’s brother James Murdoch has been a critic of Fox News and has since set his eyes on purchasing New York magazine and Vox Media’s podcast network.
This would put James in direct competition with his brother, who owns the conservative-leaning Fox News (and its collection of podcasts) through Fox Corp., as well as the Wall Street Journal and the New York Post through News Corp.