News Corp reveals phone-hacking costs

The UK phone-hacking saga cost Rupert Murdoch‘s News Corp $US551 million ($590. 6 million) in legal and professional fees over the three years to June, its preliminary final report shows. "The company incurred legal and professional fees related to the UK Newspaper Matters and costs for civil settlements totalling approximately $US169 million, $US183 million and $US199 million during the fiscal years ended June 30, 2014, 2013 and 2012, respectively," the company said in a US filing.

An earlier US filing this week noted that News Corp chief executive Robert Thomson would be entitled to a base salary of $2 million and an annual bonus of no less than $2 million "based on the performance of performance metrics to be agreed upon in good faith and payable after the applicable fiscal year end". "The executive will be entitled to an annual award under News Corp’s 2013 long-term incentive plan … or any other News Corporation performance-based long-term, equity-based incentive program that has a target payout of no less than $4,000,000," it stated.

Read more here: SMH


You may also like...

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>