Murdoch’s Money Misfortune

You know times are tough when even multimillionaire moguls are seeing their hard-earned compensation cut almost by half. Rupert Murdoch, the jowly head of News Corp., has taken a compensation cut of 40 percent because of weak earnings by his eccentric media empire.

Los Angeles Times:

Rupert Murdoch, the chairman, chief executive and controlling shareholder of News Corp., saw his compensation drop 40% in fiscal 2009 as weak earnings reduced his incentive pay, according to a review of regulatory filings.

Murdoch, 78, was awarded a compensation package valued at $18 million, down from $30 million a year ago, according to the review of News Corp.‘s proxy filed Thursday with the Securities and Exchange Commission.

His base salary of $8.1 million was unchanged, but his performance-based incentive pay fell 69% to $5.4 million from $17.5 million a year ago.

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Rupert Murdoch will have to squeak by on a compensation package of $18 million this year.