New Fox CEO Lachlan Murdoch Announces All Employees to Receive Stock in Company

Variety | 3/21/2019 | Joe Otterson
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The new standalone entity Fox Corp. held a town hall on Thursday, just over a day after the official closing of the 21st Century Fox-Disney merger.

Fox Corp. chairman and CEO Lachlan Murdoch led the meeting, at which sources say he announced that all employees would receive stock in the new company. The amount of stock the employees receive will depend on how long they have been at the company. Employees with 10 years or less under their belts will receive $1000 in stock, while those with 10-20 years will receive $2000. Fox employees who have been there for 20 years or more will receive $3000.

Owners - Murdoch - Voice - News - Signal

“You’re all owners,” Murdoch said. “Each and every one of you has a voice and we want it to be heard.” Though it was not explicitly stated, many took this news as a signal that Fox Corp. would not be undergoing layoffs like those that have affected the Fox assets now owned by Disney.

Murdoch also referred to the company as “a start up called Fox with substantial assets.” He specifically called out scripted shows like “Empire,” “9-1-1,” “Last Man Standing,” and animated comedies like “The Simpsons,” unscripted hit “The Masked Singer,” and live programming like the NFL, MLB, and the WWE as assets that are key to the company’s portfolio.

Nature - Company - Point - Quote - Fox

He stressed the entrepreneurial nature of the new company, at one point reading a quote from former Fox Sports football analyst John Madden: “Somewhere in everyone’s life … you ought to be with a startup. If you’re with a startup that’s well funded, it’s going to be fun. Because you start off with a clean piece of paper.”

Murdoch also thanked his father, Rupert Murdoch, the company’s chairman, citing his “aversion...
(Excerpt) Read more at: Variety
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