NEW YORK: "There's nothing wrong with nepotism as long as it's kept in the family," to paraphrase an old gag that has clearly endeared itself to the patriarch of Clan Murdoch.
According to a report by Bloomberg.com, News Corporation could pay the family business's heir-presumptive James Murdoch (pictured) up to $20 million (€13.66m; £10.15m) in 2008.
Murdoch minor's monetary inundation comes with his new territory, ceo of NewsCorp's Europe and Asia operations. Although his salary will be a meager $3.4m, a performance-based bonus linked to the company's stock price could bring in another $12.5m annually.
And for reasons unstated, he is also in line for an additional bonus equivalent to 75%-100% of his base salary.
The numbers emerged from a regulatory SEC filing lodged by NewsCorp earlier this week.
Data sourced from Financial Times; additional content by WARC staff