Rupert Murdoch, the outgoing chairman of Fox Corp. and News Corp., is set to receive $142 million in pension benefits as part of his retirement.
Murdoch, 92, has accumulated more than $140 million in pension benefits during his more than six-decade career leading Fox Corp., financial news outlet Pension & Investments reported this week, citing the company’s 2022 proxy statement.
The top executive’s pension plan represents more than 15 percent of the assets in Fox Corp.’s pension plan, which serves some 2,000 active participants, retirees and beneficiaries of the company, the outlet reported.
Murdoch announced on Thursday he would formally retire in November after a decades-long career building one of the largest and most influential media companies in the world, including Fox News — the top-watched cable news channel.
Once he retires, he will hand the reins of Fox Corp. and News Corp., which owns the Wall Street Journal and New York Post, to his eldest son, Lachlan.
In a note to his employees on Thursday, Murdoch, who will remain chairman emeritus of both companies, said he will remain a close adviser to his son as he runs the family business and insisted he is in good health.
“Our companies are in robust health, as am I,” Murdoch wrote. “Our opportunities far exceed our commercial challenges. We have every reason to be optimistic about the coming years — I certainly am, and plan to be here to participate in them.”