Rupert Murdoch to forgo his News Corp annual cash bonusRupert Murdoch to forgo his News Corp annual cash bonus
FILE PHOTO: Tennis – US Open

(Reuters) – News Corp <NWSA.O> Executive Chairman Rupert Murdoch will forgo his cash bonus for the current fiscal year due to the impact of COVID-19 pandemic on business, the company said on Wednesday.

Chief Executive Officer Robert Thomson will also forgo 75% of his annual cash bonus, the Wall Street Journal owner added. The collective cuts in bonuses and other cost initiatives will have a positive impact on the company’s profitability and cash position, News Corp said.

Murdoch, who is also the chairman of Fox Corp <FOXA.O>, last month agreed to forgo his Fox salary through Sept. 30, in response to the coronavirus crisis.

(Reporting by Munsif Vengattil in Bengaluru)